Egypt's central bank imposes daily withdrawal limit of LE 150,000 - News Summed Up

Egypt's central bank imposes daily withdrawal limit of LE 150,000


CAIRO - 31 January 2024: The Central Bank of Egypt (CBE) has instructed banks to set a maximum daily withdrawal limit for a single client's account or all their accounts at LE 150,000. The CBE clarified that this maximum limit applies to both cash withdrawals and cheque transactions, without any exceptions for withdrawals exceeding LE 150,000 from all client accounts. Banks will send amounts exceeding LE 150,000 twice daily, at 12 PM and 3 PM, to the CBE for review and approval before execution. Egypt is working to curb the rise of the dollar in the parallel market, crossing LE 70. Stringent actions have been taken against gold mafias controlling the price of the yellow metal, causing the gram's price to reach record highs.


Source: Egypt Today January 31, 2024 22:15 UTC



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