Banking Limits Announced

Egypt’s Central Bank has a annoncé it has instructed banks in the country to limit withdrawals and deposits. Individuals will not be able to withdraw more than 10,000 Egyptian Pounds and companies will not be able to withdraw more than 50,000 Pounds. However, companies who are making withdrawals to pay their employees will be exempt. Daily ATM withdrawals and deposits have also been limited to 5,000 Pounds. The aim is to control inflation and hoarding and comes as Coronavirus continues to spread in the country.

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