{"id":570382,"date":"2020-03-30T04:10:58","date_gmt":"2020-03-30T04:10:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/30\/cbe-temporarily-sets-daily-limit-on-bank-atm-cash-withdrawals-and-deposits\/"},"modified":"2020-03-30T04:10:58","modified_gmt":"2020-03-30T04:10:58","slug":"cbe-temporarily-sets-daily-limit-on-bank-atm-cash-withdrawals-and-deposits","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/30\/cbe-temporarily-sets-daily-limit-on-bank-atm-cash-withdrawals-and-deposits\/","title":{"rendered":"CBE temporarily sets daily limit on bank, ATM cash withdrawals and deposits"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>CBE temporarily sets daily limit on bank, ATM cash withdrawals and deposits:<\/strong> The Central Bank of Egypt (CBE) decided yesterday to impose a temporary cap on daily cash withdrawals and deposits from banks and ATMs, <a href=\"https:\/\/ent.news\/2020\/3\/%D8%AA%D8%AE%D9%81%D9%8A%D8%B6-%D8%AD%D8%AF-%D8%A7%D9%84%D8%B3%D8%AD%D8%A8-%D8%A7%D9%84%D9%86%D9%82%D8%AF%D9%8A-%D8%B1%D9%82%D9%85-240.pdf.pdf\">according to an official statement (pdf)<\/a>. The CBE said the measure is designed to force citizens to move away from cash and so reduce footfall at banks. The move comes as pensioners nationwide prepare to line up at bank branches to collect their monthly stipend starting 1 April. Reuters also <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N2BM03X\">has the story<\/a>.<\/p>\n<p><strong>The measures include:<\/strong><\/p>\n<ul>\n<li><strong>Companies can withdraw EGP 50k per day<\/strong><strong>, but face no cap on deposits<\/strong>, according to <a href=\"https:\/\/ent.news\/2020\/3\/CBE-Note.jpeg\">a CBE circular (pdf)<\/a> issued later in the day yesterday. Companies can also make whatever cash withdrawals they need to \u201csatisfy obligations to employees.\u201d<\/li>\n<li><strong>In-branch c<\/strong><strong>ash<\/strong> withdrawals and deposits are now limited to EGP 10k per day for individuals;<\/li>\n<li><strong>ATM<\/strong> withdrawals and deposits are now capped at EGP 5k per day for individuals and companies alike;<\/li>\n<li><strong>Transactions related to letters of credit and of guarantee<\/strong> are exempt as are transactions by individuals \u201cwhose line of work includes depositing large sums of money regularly\u201d <a href=\"https:\/\/bit.ly\/3dCxMXc\">are also reportedly exempt<\/a>.<\/li>\n<li><strong>Deposits to satisfy credit card payments <\/strong>are also exempt.<\/li>\n<\/ul>\n<p><strong>There are no new limits on electronic transfers <\/strong>between accounts, whether they\u2019re held by individuals or companies. The central bank earlier ordered banks to slash to zero all fees for e-payments and transfers. <strong>Military-affiliated companies are entirely exempt <\/strong>from the new cash deposit and withdrawal caps.<\/p>\n<p><strong>Checks will also be subject to the cap.<\/strong> Take in an EGP 40k cheque, for example, and you can get EGP 10k in cash on the spot and the balance of EGP 30k in either (a) your bank account or (b) in three daily EGP 10k chunks.<\/p>\n<p><strong>The Egyptian Businessmen\u2019s Association wants exemptions <\/strong>from the decision, arguing in a <a href=\"https:\/\/ent.news\/2020\/3\/EBA.jpeg\">letter to the CBE<\/a> that limiting withdrawals will have a negative impact on businesses with high volumes of daily cash transactions.<\/p>\n<p><strong>The key word here is \u201ctemporary,\u201d we\u2019re told by a source familiar with the central bank\u2019s <\/strong><strong>thinking.<\/strong> The source added that the measures are specifically designed to help stem the transmission of the virus that causes covid-19.<\/p>\n<p><strong>Separately, the CBE will cover the cost of interbank ATM cash withdrawal fees<\/strong> for six mn pensioners for six months, <a href=\"https:\/\/www.egypttoday.com\/Article\/3\/83127\/CBE-to-pay-ATM-fees-for-pensioners-for-6-months\">according to Egypt Today<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CBE temporarily sets daily limit on bank, ATM cash withdrawals and deposits: The Central Bank of Egypt (CBE) decided yesterday to impose a temporary cap on daily cash withdrawals and deposits from banks and ATMs, according to an official statement (pdf). The CBE said the measure is designed to force citizens to move away from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":570383,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[271,107,72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-central-bank-of-egypt","tag-covid-19","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"98ceb9d1-cecf-4c5d-839b-745003defa89","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/339.jpg","photo_position":"above","related_issue":[570377],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBE temporarily sets daily limit on bank, ATM cash withdrawals and deposits - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/30\/cbe-temporarily-sets-daily-limit-on-bank-atm-cash-withdrawals-and-deposits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE temporarily sets daily limit on bank, ATM cash withdrawals and deposits\" \/>\n<meta property=\"og:description\" content=\"CBE temporarily sets daily limit on bank, ATM cash withdrawals and deposits: The Central Bank of Egypt (CBE) decided yesterday to impose a temporary cap on daily cash withdrawals and deposits from banks and ATMs, according to an official statement (pdf). The CBE said the measure is designed to force citizens to move away from [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/30\/cbe-temporarily-sets-daily-limit-on-bank-atm-cash-withdrawals-and-deposits\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-30T04:10:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/339.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/30\/cbe-temporarily-sets-daily-limit-on-bank-atm-cash-withdrawals-and-deposits\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/30\/cbe-temporarily-sets-daily-limit-on-bank-atm-cash-withdrawals-and-deposits\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"CBE temporarily sets daily limit on bank, ATM cash withdrawals and deposits\",\"datePublished\":\"2020-03-30T04:10:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/30\/cbe-temporarily-sets-daily-limit-on-bank-atm-cash-withdrawals-and-deposits\/\"},\"wordCount\":405,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/30\/cbe-temporarily-sets-daily-limit-on-bank-atm-cash-withdrawals-and-deposits\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/339.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Central Bank of Egypt\",\"covid-19\",\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/30\/cbe-temporarily-sets-daily-limit-on-bank-atm-cash-withdrawals-and-deposits\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/30\/cbe-temporarily-sets-daily-limit-on-bank-atm-cash-withdrawals-and-deposits\/\",\"name\":\"CBE temporarily sets daily limit on bank, ATM cash withdrawals and deposits - 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The daily transaction limit was raised to EGP 10,000 from EGP 5,000, while the monthly limit\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575291,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/central-bank-of-egypt-sets-up-new-cash-management-company-with-banks\/","url_meta":{"origin":570382,"position":2},"title":"Central Bank of Egypt sets up new cash management company with banks","author":"enterpriseam admin","date":"11 October 2020","format":false,"excerpt":"STARTUP WATCH- CBE, state-owned banks found cash-management company: The Central Bank of Egypt (CBE) and state-owned Banque Misr, Banque du Caire, and the National Bank of Egypt have set up a new cash management company, EgyCash, to offer money transfer and ATM stocking services, according to a statement carried by\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570169,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/22\/cbe-cuts-interest-for-three-of-its-financing-initiatives-raises-atm-withdrawal-cap\/","url_meta":{"origin":570382,"position":3},"title":"CBE cuts interest for three of its financing initiatives, raises ATM withdrawal cap","author":"enterpriseam admin","date":"22 March 2020","format":false,"excerpt":"REGULATION WATCH- CBE cuts interest for three of its financing initiatives: The Central Bank of Egypt (CBE) has reduced the discount interest rate offered under its support programs for factories, homebuyers and tourism companies to 8% following its emergency 300 bps rate cut last week, according to an official statement\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/247.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":618547,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/16\/cbe-raises-daily-withdrawal-limit\/","url_meta":{"origin":570382,"position":4},"title":"CBE raises daily withdrawal limit","author":"enterpriseam admin","date":"16 April 2024","format":false,"excerpt":"The daily limit on over-the-counter withdrawals has been raised to EGP 250k","rel":"","context":"In &quot;Banking&quot;","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/965.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":637931,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/29\/cbe-lifts-caps-on-usd-deposits-and-withdrawals\/","url_meta":{"origin":570382,"position":5},"title":"CBE lifts caps on USD deposits and withdrawals","author":"enterpriseam admin","date":"29 November 2017","format":false,"excerpt":"CBE lifts caps on USD deposits and withdrawals: The central bank announced yesterday that it has lifted all previously-imposed restrictions on USD deposits and withdrawals for importers of non-essential goods. 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