URGENT: Egypt c. bank denies restricting FX withdrawals

The Central Bank of Egypt (CBE) has categorically denied recent rumours circulating on social media and in some news outlets regarding upcoming restrictions on foreign currency withdrawals.

In a statement issued on Wednesday evening, the CBE emphasised that it has not imposed any new limits on daily or monthly foreign currency withdrawals. Instead, individual banks retain the authority to set their own policies in this regard, subject to approval from their respective boards of directors.

To dispel any confusion, the CBE highlighted that it has actually increased the daily limit for cash withdrawals in local Egyptian pounds. This adjustment, implemented on April 15, 2024, aimed to enhance convenience for bank customers.

The central bank strongly urged the public to exercise caution when sharing information about the banking sector, stressing that spreading inaccurate information can have a detrimental impact on both the banking industry and the broader economy.

Attribution: CBE

Subediting: M. S. Salama