The Central Bank of Egypt (CBE) has announced new limits for daily cash deposits and withdrawals for individuals and enterprises, Invest-Gate reports.

The CBE set a daily limit for cash deposits and withdrawals from bank branches at EGP 10,000 for individuals and EGP 50,000 for businesses, according to a statement by the CBE. However, Entrepreneurs’ withdrawals for worker disbursements will be exempted.

It also put a limit of EGP 5,000 for cash deposits and withdrawals from ATM machines, the statement added.

“As a part of its preventive procedures against the COVID-19 outbreak, the CBE asserted that the move aims at avoiding overcrowding, particularly during payroll and pension disbursement,” the CBE highlighted.

“It also came in line with the health precaution procedures enacted by the state in order to curb the impact of the COVID-19 outbreak,” the CBE concluded.