Egyptian banks have been instructed to apply temporary limits on daily withdrawals and deposits in a move seemingly designed to control inflation and hoarding during the coronavirus' spread.
CAIRO - Egyptian banks have been instructed to apply temporary limits on daily withdrawals and deposits in a move seemingly designed to control inflation and hoarding during the coronavirus’ spread.
The daily limit for individuals would be 10,000 Egyptian pounds and 50,000 pounds for companies, a central bank statement said, though businesses will be exempt from the withdrawal limits if the money is used to pay employees. “Not official, but I heard to control hoarding and inflation,” said one analyst who asked not to be named.The central bank has also urged people to limit their use of banknotes and to rely on electronic transfers and e-payments.
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