The CBE has reached out to banks operating in Egypt to set a maximum limit on daily and monthly cash withdrawals in USD and foreign currencies, sources quoted by Bloomberg Al Sharq.
Al-Sharq attributed this information to bankers familiar with the matter who declined to be named. It is noteworthy that the Central Bank of Egypt intervened last April to amend the withdrawal limits in local currency to raise them from 150,000 pounds to 250,000 pounds per day, accompanied by raising the maximum exchange limit from ATMs to 30,000 pounds.
The central bank’s decisions did not include any withdrawal caps for foreign currencies and the measure was not mentioned in advance in the speech of any of the officials in charge.
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According to Al-Sharq, the CBE asked banks to develop an internal policy that sets withdrawal limits for foreign currencies in proportion to the size of the currencies available in the bank and its branches.
These limits will be sent to the central bank from each bank after the approval of its board of directors and will be implemented starting from September, according to Al Sharq.
The Egypt went through a foreign exchange crisis earlier that led to the emergence of a parallel market for the dollar and foreign currencies, but the Ras al-Hikma deal and last March’s measures to devalue the pound and increase the IMF loan contributed to ending the black market and resolving the crisis. Foreign Egypt reserves rose to $46.49 billion, according to July data. At the same time, however, Egypt has a large debt bill exceeding $30 billion in 2024 and 2025.
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