Central Bank of Egypt denies imposing limits on foreign currency withdrawals

8/22/2024 8:28:58 AM

(MENAFN) On Wednesday, the Central bank of Egypt clarified that it has not issued directives to banks regarding restrictions on foreign currency withdrawals. The bank addressed recent rumors circulating on social media and news platforms about potential new limits on daily and monthly foreign currency withdrawals, effective from September 1, 2024. The Central Bank emphasized that it has not mandated any such measures, and that each bank is responsible for setting its own policies on foreign currency withdrawals, subject to approval by its board of directors.

In April 2024, the Central Bank had increased the daily withdrawal limits for local currency to 250,000 pounds, up from 150,000 pounds, and raised ATM withdrawal limits to 30,000 pounds from 20,000 pounds. This move was intended to ease transactions for bank customers. The Central Bank urged accuracy in reporting and sharing information about the banking sector to prevent misinformation that could negatively affect the sector and the broader national economy.

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