Economic

Withdrawals limits: new restriction on ATMs and payment in Egypt 

The Central Bank of Egypt decided to set a daily limit for withdrawals and cash deposits in bank branches, as well as ATMs, as part of measures to reduce the risks of the spread of the new Coronavirus.

The central bank said in a statement today, Sunday, that the daily limit for deposits and cash withdrawals from ATMs becomes 5 thousand pounds (318.5 dollars), adding that the daily limit for deposits and cash withdrawals in bank branches becomes 10 thousand pounds for individuals and 50 thousand pounds for companies.

Reducing paperwork

An exception to this is the withdrawal of companies from them to pay the dues of their employees. The Central called for “reducing the dealing in banknotes, relying on bank transfers and using electronic payment methods such as bank cards and mobile phone wallets.”

It facilitates electronic payments

He added that “all banks canceled the expenses associated with transfers and the use of electronic payment methods and tools” to facilitate the citizens.

Withdrawals limits: new restriction on ATMs and payment in Egypt 

Bankers believe that the central bank’s decision comes within the framework of restrictions on financial transactions, especially withdrawing funds if the economic conditions worsen with the outbreak of corona, noting that many customers are not able to deal through the mechanisms of withdrawal or electronic deposit.

Exacerbating the living difficulties

The virus dealt a severe blow to many productive and service sectors in the heavily indebted country, which suffers from unemployment, while about a third of its population suffers from poverty according to government data, while independent agencies estimate that they account for more than 50 percent due to the painful measures for low-income people, taken by the government In agreement with the International Monetary Fund more than three years ago.

Fears of worsening living difficulties are increasing, with the dollar returning to the rise in the black market, while the government is trying to control its inevitable rise in banks and exchange firms, which have subjected it to repressive measures and tight control since the end of 2016.

Tags
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close