According to a report by Middle East News Agency, the Central Bank of Egypt (CBE) has decided to remove the maximum limits on cash deposits for individuals and businesses at bank branches as well as through ATMs as part of a plan to reduce inflation. In order to prepare for the global economic impact of the COVID-19 crisis, the bank set a maximum limit on cash deposits as part of its measures to face the crisis.
In a statement, the apex bank said that the cancellation came in light of a declining Coronavirus infection rate. It also said that the cancellation was part of its efforts to make it easier for citizens and companies to deposit money. In addition, the bank decided to increase the maximum cash withdrawal limit in banks from EGP50,000 to EGP150,000. This is despite maintaining the maximum cash withdrawal limit through ATMs, which remains unchanged at EGP20,000.