In light of the current global economic turmoil, the Central Bank of Egypt (CBE) has implemented measures to enhance financial transactions and address the growing liquidity needs of the populace.
A recent announcement by the CBE on Monday disclosed an increase in the maximum daily cash withdrawal limit from ATMs from LE 20,000 to LE 30,000, aiming to offer citizens greater financial flexibility and easier access to their funds.
Furthermore, the CBE raised the maximum daily cash withdrawal limit at bank counters to LE 250,000 for individuals and businesses, up from the previous limit of LE 150,000. This adjustment seeks to streamline financial transactions for businesses and facilitate larger payments.
Banks have been instructed by the CBE to update their internal policies to align with the new limits and to review their foreign currency cash withdrawal policies as approved by their boards of directors. These directives follow the CBE’s guidelines issued on August 25, 2022, regarding maximum cash withdrawal and deposit limits at both bank tellers and ATMs.
These initiatives underscore the CBE’s dedication to simplifying financial transactions for citizens and businesses, while upholding transparency and security in the financial sector. They also highlight the CBE’s commitment to adapting its policies to meet the evolving economic and societal needs. By promoting liquidity access and streamlining transactions, the CBE bolsters public trust in the financial system and supports the country’s economic advancement.
Ultimately, the measures taken by the Central Bank of Egypt showcase its commitment to the economic and financial progress of the nation by providing innovative solutions to address present challenges and fostering financial inclusivity among the entire population.
For more information, you can visit the following links:
– Egypt Independent: CBE Raises Daily Withdrawals to LE30K from ATM Machines