In a strategic move to enhance liquidity, the Central Bank of Egypt (CBE) has announced an increase in the daily cash withdrawal limits for individuals and companies. This decision is set to streamline financial transactions and provide greater flexibility for cash handling across the nation.
The CBE has raised the daily maximum limit for cash withdrawals from bank branches for individuals by 67%, setting the new limit at EGP 250,000. This substantial increase is designed to accommodate the growing needs of citizens for higher withdrawal capabilities, reflecting the bank’s commitment to financial inclusivity and convenience.
The adjustment also extends to ATM withdrawals, with the daily limit now reaching EGP 30,000. This measure aims to reduce the frequency of visits to bank branches, encouraging the use of ATMs for regular transactions and thus promoting a more efficient banking experience for individuals.
Empowering Companies with Increased Access
Companies, too, will benefit from the revised withdrawal limits, with the CBE recognizing the necessity for businesses to have access to larger amounts of cash for operational purposes. The new policy is expected to facilitate smoother financial operations for companies, aiding in the management of their day-to-day monetary transactions.
This move is particularly advantageous for small and medium-sized enterprises (SMEs), which often require quick and easy access to cash to meet immediate business needs. By increasing the withdrawal limits, the CBE is effectively bolstering the backbone of the Egyptian economy.
A Step Towards Economic Resilience
The CBE’s decision is not merely a response to current economic conditions but also a proactive step towards building a more resilient financial ecosystem. By enhancing liquidity access, the bank is preparing the country’s financial infrastructure to better withstand economic fluctuations and support continued economic growth.
The increased withdrawal limits are a clear indication of the CBE’s dedication to maintaining a robust and responsive banking sector, one that can adapt to the evolving needs of its customers while ensuring the stability of the financial system.
