|29 March, 2020

Egypt's banks told to limit daily withdrawals, deposits

The daily limit for individuals would be $640

Central Bank of Egypt Headquarters is seen in Cairo .

Central Bank of Egypt Headquarters is seen in Cairo .

REUTERS/Tarek Mostafa

CAIRO - Egypt's central bank said on Sunday it has instructed banks to put temporary limits on daily withdrawals and deposits amid concerns over the spread of the coronavirus.

The daily limit for individuals would be 10,000 Egyptian pounds ($640) and 50,000 pounds for companies, the statement said.

But companies would be exempted on withdrawal limits if the money was to be used to pay employees, the statement added.

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

The central bank urged people to limit use of paper money and to rely on electronic transfers and e-payments.

"All banks cancelled fees on transfers and e-payment methods for the citizens' convenience," the statement added.

($1 = 15.7000 pounds)

(Reporting by Ehab Farouk; Editing by Catherine Evans and Nick Macfie) ((amina.ismail@thomsonreuters.com; +20 2 2394 8114;))