You can now deposit + withdraw more cash from your bank account: The Central Bank of Egypt (CBE) has raised the daily limit that individuals and businesses can withdraw in-branch from their bank accounts and scrapped limits on cash deposits at both bank branches and at ATMs, it said in a circular (pdf) Thursday.

REFRESHER- The temporary caps were introduced during the pandemic to encourage people to move away from cash and reduce footfall at banks. With the worst of the health crisis now behind us, the CBE’s move is meant to make life easier for individual and corporate clients alike, the central bank said.

Per the new rules:

• Individuals and companies can now withdraw up to EGP 150k daily at bank branches, up from a previous limit of EGP 50k.
• Withdrawals from ATMs for both individuals and companies are still capped at EGP 20k daily.
• Individuals and companies can now deposit whatever amount they wish, whether at bank branches or through ATMs. In-branch deposits had been limited to EGP 10k per day for individuals, while ATM deposits were capped at EGP 5k per day for individuals and companies alike.

There remains no ceiling on electronic transfers.

Thumbs up from the business community: The decision will help manufacturers access the liquidity they need to contract for raw materials and other goods, Mohamed El Sallab, deputy chair of the House Industry Committee, said in a statement (pdf).

The central bank last month also lifted its covid-era waiver on inter-bank ATM withdrawal fees. Fees on ATM withdrawals from a bank that is not your own are now capped at EGP 5, while the maximum amount that can be withdrawn in one go has been set at EGP 4k. Meanwhile, fee exemptions on inter-bank EGP transfers, e-payments, and new contactless cards and mobile wallets were extended until the end of the year.

The story got coverage from the foreign press: Reuters.