The Clap
The CBE has canceled the maximum deposit limit for both individuals and companies, and increased the maximum cash withdrawal limit for individuals and companies.
The Deets
Withdrawals can now go up to EGP 150 thousand, up from EGP 50 thousand. This however only applies to bank branches, as ATM withdrawals will remain at EGP 20 thousand.
You Should Know
The CBE had imposed restrictions on withdrawals and deposits as part of the precautionary measures taken to combat the effects of the pandemic.
Why this Matters
The new decision aims to make deposits & withdrawals more flexible for citizens and companies, especially since the pandemic effects have waned.
