Egypt sets limits for withdrawals and deposits from banks due to coronavirus

The bank asked Egyptian dealers to reduce dealing in banknotes and rely on bank transfers and the use of electronic payment methods such as bank cards and mobile phone wallets. (File/AFP)
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Updated 29 March 2020

Egypt sets limits for withdrawals and deposits from banks due to coronavirus

  • The bank said that the daily limit for deposits and cash withdrawals in bank branches becomes $636 for individuals and $3,184 for companies
  • The central bank said the new measures aims to ensure protection and avoid crowding and gatherings

The Central Bank of Egypt announced on Sunday that it will impose a temporary daily limit for withdrawals and cash deposits in bank branches to reduce the risks of the coronavirus, Al Arabiya reported.
The bank said that the daily limit for deposits and cash withdrawals in bank branches becomes $636 for individuals and $3,184 for companies.
The daily limit for deposits and cash withdrawals from ATM machines has been set at $318.
The central bank said the new measures aim to ensure protection and avoid crowding and gatherings, especially when salaries and pensions are paid, and in compliance with health and prevention instructions and safe distances, as approved by the World Health Organization.
The bank asked Egyptian dealers to reduce the use of banknotes and rely on bank transfers and the use of electronic payment methods such as bank cards and mobile phone wallets, which have become available to all.
All banks cancelled the expenses associated with the transfers and the use of electronic payment methods and tools in order to facilitate the process for citizens.


Russian mediation reopens major highway in NE Syria

Updated 58 min 25 sec ago

Russian mediation reopens major highway in NE Syria

  • Syria records 20 new cases of coronavirus in largest single-day increase

BEIRUT/DAMASCUS: Traffic returned to a major highway in northeastern Syria for the first time in seven months on Monday, following Russian mediation to reopen parts of the road captured last year by Turkey-backed opposition fighters.

Syrian Kurdish media and a Syrian Kurdish official said several vehicles accompanied by Russian troops began driving in the morning between the northern towns of Ein Issa and Tal Tamr. 

The two towns are controlled by regime forces and Syrian Kurdish fighters while the area between them is mostly held by Turkey-backed opposition fighters.

Turkish troops and allied Syrian fighters captured parts of the highway known as M4 in October, when Ankara invaded northeastern Syria to drive away Syrian Kurdish fighters. The M4 links Syria’s coastal region all the way east to the Iraqi border.

Four convoys will drive on the M4 every day with two leaving from Tal Tamr and two from Ein Issa, according to the Kurdish ANHA news agency. The report said a convoy will leave from each town at 8 a.m., and another set of convoys will do the same, three hours later.

The ANHA agency added that the opening of the highway will shorten the trip between the two towns as people previously had to take roundabout, side roads.

“This is the first time the road has been opened” since October, said Mervan Qamishlo, a spokesman for the Kurdish-led and US-backed Syrian Democratic Forces.

Russia, a main power broker with Turkey in Syria, mediated the deal to reopen the highway, he said. Russia and Turkey back rival groups in Syria’s nine-year conflict.

Coronavirus cases

Syria reported 20 new cases of the novel coronavirus on Monday, the largest single-day increase to date.

The war-torn country has recorded 106 infections and four deaths so far, and new cases have increased in recent days with the return of Syrians from abroad.

Syria has kept an overnight curfew in place but has begun to open some of its economy after a lockdown. Doctors and relief groups worry that medical infrastructure ravaged by years of conflict would make a more serious outbreak deadly and difficult to fend off.