Customers’ bank accounts now have a maximum cash withdrawal limit, and there are no longer any limitations on the amount that can be deposited.
The central bank had a restriction in place that limited withdrawals to 50,000 Egyptian pounds ($2,600), but Hassan Abdalla, the newly appointed governor of the bank, said in a circular that the bank will now permit withdrawals of up to 150,000 pounds.
The 2020 rule states that the restrictions were put in place as a part of a strategy to lessen the coronavirus epidemic. However, bankers claim that by limiting the quantity of available cash, the limits have helped to contain the underground market for foreign exchange.
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