Egypt’s central bank imposes limits on cash withdrawals

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CAIRO (Reuters) – Egypt’s banks were instructed to apply temporary limits on daily withdrawals and deposits, a move that appears to seek to control inflation and hoarding during the spread of the coronavirus.

The daily limit for individuals will be 10,000 Egyptian pounds ($ 635) and for companies 50,000 pounds, a central bank statement said. Businesses will be exempt from the restrictions if the money is used to pay employees.

The central bank also limited daily ATM withdrawals and deposits to 5,000 Egyptian pounds, it said in a statement.

“It is not official but I heard it was designed to control hoarding and inflation,” said an analyst who spoke on condition of anonymity.

“This could reduce hoarding and panic buying and contain prices,” said another analyst.

The central bank also urged people to limit their use of banknotes and make more use of electronic transfers and payments.

Egypt reported 33 new cases of coronavirus and four deaths on Sunday, bringing the totals to 609 confirmed infections and 40 deaths.

(Report by Ehab Farouk,; additional report by Omar Fahmy, written by Amina Ismail, translated into Spanish by Gabriel Burin)

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