Central Bank of Egypt says did not issue new regulations on local currency withdrawals

The bank added it continues to apply the guidelines introduced in August 2022, which raised the maximum daily withdrawal limit for individuals and corporations to EGP 150,000.

The CBE underscored that these measures are aimed at bolstering financial inclusion and encouraging customers to adopt non-cash payment methods.

Reports on Wednesday claimed that the CBE issued instructions to local banks regarding a new limit of cash withdrawal for individuals and corporations.

In August 2022, the CBE increased the cap for daily withdrawals from bank branches to EGP 150,000 for both individuals and companies, while maintaining the maximum limit for ATM withdrawals at EGP 20,000 for individuals.

According to a CBE report published in November, Egypt's financial inclusion rate witnessed a rise of 5.4 percent, reaching 67.3 percent during the first half of 2023.