Central Bank Dismisses Rumors of Foreign Currency Withdrawal Caps

The Central Bank of Egypt (CBE) denied recent rumors circulating on social media and some news outlets about upcoming restrictions on foreign currency withdrawals.

In a statement, the central bank reiterated that it has not imposed any new limits on daily or monthly foreign currency withdrawals. Instead, individual banks retain the authority to set their own policies in this regard, subject to approval from their respective boards of directors.

The statement went on to highlight that the CBE had actually increased the daily limit for cash withdrawals in local currency since April 15th, and urged the public to exercise caution when sharing information about the banking sector.