Chairman of the Federation of Egyptian Banks (FEB) and President of Banque Misr Mohamed al-Etriby said on Wednesday that the Central Bank of Egypt (CBE) and the FBE have agreed to ease limits on cash withdrawals for individuals starting in Ramadan.
Al-Etriby stated that per-day ATM withdrawal limits for individuals will increase to LE20,000 from LE5,000, and that per-day, in-branch withdrawal limits will increase to LE50,000 from LE10,000.
The CBE on March 29 set maximum limits for cash deposits and withdrawals, part of precautionary measures taken to combat the novel coronavirus COVID-19.
The daily limit for deposits and cash withdrawals in bank branches was previously set at LE10,000 for individuals and LE 50,000 for businesses.
The CBE made an exemption, however, for businesses withdrawing funds to pay employees’ salaries.
The bank had also previously set the daily limit for ATM deposits and cash withdrawals at LE5,000.
The CBE has called for a reduction in the use of banknotes, hoping that more people will rely instead on bank transfers and electronic payment methods such as debit and credit cards and mobile payment services.
All banks have canceled fees associated with the transfer of funds and the use of electronic payment methods, in order to make it easier for citizens to use these services, the CBE said.
The CBE has implemented various measures in the past weeks in order to ensure the security and stability of Egypt’s banking sector amid the coronavirus pandemic.
In instructions to banks operating in the local market, the CBE ordered the cancellation of fees and commissions applied to sales and withdrawals from ATMs and electronic wallets for a period of six months.
The CBE also ordered local banks not to impose the additional fines that are usually applied to late payments on non-performing loans, directing banks to also delay for a period of six months credit dues for institutions and individual clients, including loans for consumer purposes and real estate loans.
Earlier in March, the CBE launched a new initiative to encourage citizens to expand their use of electronic payment systems, part of efforts to curb the coronavirus outbreak.