The Central Bank of Egypt (CBE) has announced that it is cancelling the maximum limit for deposit transactions, through bank branches and ATMs, for both individuals and companies.

The CBE has increased the daily maximum limit for cash withdrawals by individuals and companies, from bank branches, to EGP 150,000 from the previous EGP 50,000.

The bank will be keeping the daily withdrawal limits for ATMs at EGP 20,000.

The announcement comes only a day after newly-appointed acting Governor of the CBE, Hassan Abdalla, had his first meeting with current and former leaders of banks across the Egyptian market.

Abdalla was appointed as the new acting CBE governor last Thursday by the president following former CBE head Tarek Amer’s resignation. Abdalla announced last night that he has selected former president of the Commercial International Bank (CIB), and Mohamed Naguib, the former head of the saib Bank, as his advisors.

The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided to keep key policy rates last week, noting that most leading indicators remained in positive territory in Q2 2022 and positive growth in domestic economic activity. The meeting was held only hours after Abdalla’s appointment as acting CBE head.