Exclusive – No Maximum Daily Withdrawal Limits on EGP Deposits; C.bank Chief

Egyptian central bank’s Governor Hisham Ramez has refuted on Monday reports that Ministry of finance recently imposed a maximum daily withdrawal limit for customers’ deposits.

“CBE enjoys full independence and imposing new maximum limits will not be in Finance Ministry’s hands.” Ramez told Amwal Al Ghad

“There are no maximum limits imposed on the daily withdrawal of the EGP-dominated deposits.”

As pursuant to the CBE’s regulations, the Egyptian official said banks already impose maximum limits on the cash daily withdrawal of deposits dominated in any foreign currencies, amounting to $10.000 for individuals and $30.000 for institutions.

Amwal Al Ghad has talked with the CBE governor on Monday in response to circulating reports that the Ministry of Finance has decided to enforce maximum cash withdrawal daily limits amounting to EGP 30.000 and EGP one million for small and big clients, respectively. The rumors also stated that the ministry decided as well to tighten measures against withdrawal of deposits dominated in foreign currencies.

In previous statement to Amwal Al Ghad, Ramez ruled out imposing any taxes on the customers’ deposits at banks, describing such a thought as an “unacceptable and unlikely”, stressing that the deposits are “safe”.