Egypt central bank increases cash withdrawal limits

Egypt's central bank on Thursday increased the maximum amount of cash customers are allowed to withdraw from their bank accounts and removed restrictions on how much they could deposit entirely. Under a rule put in place in April 2020, the central bank restricted withdrawals to 50,000 Egyptian pounds ($2,600), but now will allow withdrawals of up to 150,000 pounds, the bank's newly appointed governor Hassan Abdalla announced in a circular. According to the 2020 rule, the limits were imposed as part of a plan to mitigate the coronavirus pandemic.

Egypt's central bank on Thursday increased the maximum amount of cash customers are allowed to withdraw from their bank accounts and removed restrictions on how much they could deposit entirely.

Under a rule put in place in April 2020, the central bank restricted withdrawals to 50,000 Egyptian pounds ($2,600), but now will allow withdrawals of up to 150,000 pounds, the bank's newly appointed governor Hassan Abdalla announced in a circular.

According to the 2020 rule, the limits were imposed as part of a plan to mitigate the coronavirus pandemic. But bankers say the limits helped tamp down the black market in foreign currency by reducing the amount of available cash. ($1 = 19.2000 Egyptian pounds)