April 22, 2020 / 11:34 AM / a month ago

Egypt's banks to increase daily withdrawal limits

CAIRO, April 22 (Reuters) - The Federation of Egyptian Banks has agreed with the central bank to increase limits on daily withdrawals from the beginning of the holy Muslim fasting month of Ramadan, the fedration chairman said on Wednesday.

The daily limit for individuals would be 50,000 Egyptian pounds ($3,186.74) instead of 10,000 and ATM withdrawals will increase to 20,000 pounds from 5,000 pounds, Mohamed Eletreby, who is also the chairman of Egypt’s second-largest state bank, said on Facebook.

Last month Egypt’s central bank instructed banks to apply temporary limits on daily withdrawals in a move to control inflation and hoarding during the coronavirus crisis. ($1 = 15.6900 Egyptian pounds) (Reporting by Ehab Farouk, writing by Amina Ismail;Editing by Elaine Hardcastle)

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