2023-07-02 16:00:00
The Central Bank of Egypt will decide, during the next few days, the limits for withdrawals and deposits within banks, whether in bank branches, or through automated teller machines, following the end of the 6-month period during which it set the fees and limits for withdrawals and deposits within the banking system.
And the Central Bank of Egypt announced, at the end of December 2022, raising the withdrawal limits from other bank machines for all cards to 4,000 pounds, instead of 2,000 pounds.
Deposit and withdrawal fees
Banks continued to exempt citizens from all fees and commissions related to cash withdrawals for pension cards, and the Central Bank bore the expenses of cash withdrawals for pension cards from ATMs, whose approximate value is estimated at 60 million pounds during the aforementioned period.
The decisions that were extended to the new period include continuing to exempt customers from all expenses and commissions related to bank transfer services in the Egyptian pound, issuing electronic wallets for free, and exempting citizens from all commissions and fees related to transfers between mobile phone accounts and transfers between any mobile phone account and any account. Banking, as well as issuing prepaid cards to citizens free of charge, provided that these cards are “contactless” when the bank starts issuing this type of card, and exempting citizens from all fees and commissions related to cash withdrawals, provided that the bank issuing the card bears these fees and commissions, and neither This includes credit card returns.
It should be noted that the Central Bank and the banking sector carried nearly 9 billion pounds during the last period since the start of the Corona pandemic; To relieve citizens, and that the decisions that have been extended come within the framework of the central bank’s keenness to ensure the continuity of banks’ carrying out their work in light of the continuous monitoring of the banking sector and to provide more facilitation to citizens and encourage them to continue to turn to electronic payment methods and channels, in a way that supports the state’s approach to the central bank to transform For a society less dependent on banknotes.
The decisions also include the continuation and exemption of merchants from all fees for activating electronic collection services via the Internet (E-Commerce), in order to reduce the financial burdens on companies by exempting them from the expenses that were required of them to activate the electronic collection service via the Internet, such as (expenses that are paid once to activate the service, And the monthly expenses for the service, and the expenses of additional services. As a result of this exemption during the previous period, the number of e-commerce companies increased by nearly 100% of the number of new companies activating the service.
The Central Bank of Egypt confirmed that it will continue to follow closely all developments on the global and local arenas, to intervene immediately by taking appropriate measures to protect the national economy, revitalize the market, and maintain banking and monetary stability.
The maximum limits for cash withdrawals for individuals and companies from bank branches are 150,000 Egyptian pounds, and the daily maximum from ATMs is 20,000 Egyptian pounds.
And the National Bank of Egypt decided to amend the purchase limit on the gold card and reduce it to regarding 25 thousand pounds per month instead of 100 thousand pounds, and it also decided to reduce the maximum limit for cash withdrawals from 30 thousand pounds per month to the equivalent of 2500 pounds daily and monthly.
The Central Bank had suspended work in banks last Tuesday for a period of 9 days on the occasion of Eid Al-Adha and the anniversary of the June 30 revolution; To return to work next Tuesday.
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