Egypt central bank increases cash withdrawal limits

[selot5000l]

CAIRO, Aug 25 (Reuters) – Egypt’s central bank on Thursday increased the maximum amount of cash customers are allowed to withdraw from their bank accounts and removed restrictions on how much they could deposit entirely.<br> Under a rule put in place in April 2020, Selot5000 the central bank restricted withdrawals to 50,000 Egyptian pounds ($2,600), but now will allow withdrawals of up to 150,000 pounds, the bank’s newly appointed governor Hassan Abdalla announced in a circular.<br> According to the 2020 rule, the limits were imposed as part of a plan to mitigate the coronavirus pandemic.

But bankers say the limits helped tamp down the black market in foreign currency by reducing the amount of available cash. ($1 = 19.2000 Egyptian pounds) (Reporting by Patrick Werr; Editing by Toby Chopra)<br>

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