The Central Bank of Egypt (CBE) cancelled on Thursday the maximum limit of cash deposits for both individuals and companies either at bank branches or through ATMs, the Middle East News Agency reported.

During the COVID-19 crisis, the bank set a maximum limit of cash deposits as part of measures to face its global economic impact, the state agency added.

“The cancellation comes in light of the declining coronavirus infections and as part of efforts to make it easy for citizens and companies to deposit money,” the apex bank said in a statement.

Also, the bank decided to increase the maximum limit of cash withdrawals in banks from EGP50,000 to EGP150,000, but kept the maximum cash withdrawal limit through ATMs to intact at EGP20,000.

Source: Emirates News Agency