The Central Bank of Egypt has confirmed that banks enjoy full freedom to determine their policies related to foreign exchange limits, provided that these policies are approved by their board of directors. This came in a statement issued by the central bank on Wednesday, in which it explained that on April 15, 2024, the daily maximum limit for cash withdrawals in local currency was increased from 150 thousand pounds to 250 thousand pounds, and from 20 thousand pounds to 30 thousand pounds when withdrawing from ATMs, in order to facilitate financial transactions for customers.
The statement pointed out that this clarification came in response to rumors circulating on some social media pages and news sites, which claimed that the central bank had sent directives to banks to set a maximum limit for daily and monthly cash withdrawals in foreign currencies, starting from the first of September 2024.
The central bank stressed the importance of verifying the authenticity of information circulating, especially with regard to the banking sector, to avoid the publication of inaccurate information that may lead to direct negative effects on the banking sector and the national economy in general.
