Before the Central Bank’s devolution meeting today, there were reports on social media and news websites in the last 24 hours stating a recent announcement that the Central Bank of Egypt has introduced a new policy requiring its approval for customers of all banks to withdraw more than EGP 150,000 Egyptian pounds per day. 

However, the Central Bank confirmed that no new instructions have been issued regarding cash withdrawal, and that the instructions issued on August 25, 2022 regarding increasing the daily maximum limit for cash withdrawals for persons or companies from EGP50,000 to EGP 150,000  are the instructions currently in effect without amendment.

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The bank stated that this in order to consolidate the principle of financial inclusion and in line with international practices in this regard to motivate those dealing with banks to use non-cash payment methods, which include transfers and various electronic payment methods and tools available at all banks.

However, millions of people are waiting for the Monetary Policy Committee of the Central Bank of Egypt to hold its first meeting in 2024, headed by Hassan Abdullah, President of the Central Bank, to decide the fate of interest rates on deposits and lending.

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