The new procedures aim to preserve monetary stability as well as make banking easier in the light of the spread of the COVID-19 virus and its anticipated consequences.
The procedures include banks raising their credit card daily transaction limits and abolishing fees on withdrawals from ATM for the next 6 months. CBE also announced that banking deposits will be kept in branches to secure a reserve and encouraged citizens to use debit and credit cards instead of using cash.
These procedures aim to support the Egyptian economy in this tough time as well assure its stability; they are in line with the government’s response to the virus.
The Bank stated that they are keeping up with the global response to the virus.