Member of Parliament Mohamed Mostafa Elsallab praised the Central Bank of Egypt (CBE) decision to remove the cap on deposits and withdrawals by individuals and companies at bank branches and ATMs.
Elsallab said that this step spurrs optimism, as these decision are certainly in the interest of the industry and the entire economic activity.
The CBE raised the cap for daily withdrawals from bank branches for both individuals and companies to EGP 150,000, up from EGP 50,000, while keeping the maximum limit for withdrawals from ATMs at EGP 20,000.
The CBE noted that the step comes to facilitate individuals’ transactions with banks.
Elsallab indicated that canceling the maximum limits for deposits and raising the daily withdrawal limit from banks to EGP 150,000, which supports the liquidity of the activity in light of an economic crisis affecting everyone.
“We are waiting for other decisions that support the ability to provide imported raw materials,” he concluded.
