Central Bank of Egypt Exempts Five Types of Transactions from the New Withdrawal and Deposit Limits

After it was announced yesterday, March 29th, that individuals will not be able to deposit or withdraw more than EGP10,000 per day and companies more than EGP50,000 per day from the Central Bank of Egypt (CBE), the bank has issued clarifications on which transactions are exempt from these limits.

The five exempt transactions types announced include: 

Governmental deposits regarding electricity, gas, water and oil bills with a commitment to the daily deposit limit.

Public and private sector enterprises.

Checks submitted to the CBE’s set-off.

Checks worth more than EGP10,000 will be cashed with EGP10,000 and the remaining amount will be cashed over several days or transferred to another account free of charge.

Credit card dues and any attached liabilities, including letters of credit.