Egypt’s CBE exempts 5 transaction types from cash deposit, withdrawal limits

Following the announcement of the new limits for cash deposits and withdrawals from banks and ATM machines on Sunday, the Central Bank of Egypt (CBE) issued a circular book for banks clarifying that transactions are exempted from the new limits.

1- Government deposits regarding electricity, natural gas, water, and oil bills with a commitment to the daily deposit limit, Ahram Online reported on Sunday.

2- Public and private sector enterprises.

3- Checks that are submitted to the CBE’s set-off.

4- Checks worth more than 10,000 Egyptian pounds will be cashed with 10,000 pounds and the rest of the sum will be cashed over several days. Also, a new account can be set up for the client or the rest of the sum can be transferred to the client’s account in another bank without fees.

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