Egypt’s PM, Central Bank governor discuss proposed measures to tackle global crisis repercussions



Sun, 28 Aug 2022 - 06:28 GMT


Sun, 28 Aug 2022 - 06:28 GMT

CAIRO – 28 August 2022: Prime Minister Mostafa Madbouli discussed on Sunday with Hassan Abdullah, the new governor of the Central Bank of Egypt (CBE), a number of proposed measures within a specified timeframe to tackle the current economic situation and the global crisis repercussions.

These measures should ensure full integration and coordination with the financial and monetary policies, a statement by the Egyptian Cabinet said.

The meeting reviewed the current efforts by the government to improve the climate of investments and activate the private sector’s participation in the economy and the economic goals targeted during the coming period, said the statement.

Madbouli and Abdullah also affirmed the importance of continuous meetings and periodic consultation on the economic policies required to confront the current global economic crisis in a way that ensures the continuation of harmony between fiscal and monetary policies.

The meeting reviewed the expected positive reflections of the recent decision of canceling the maximum cash deposit limits for individuals and companies in branches of the banks and ATMs.


Abdullah, former vice chairman and managing director of the Arab African International Bank, was appointed as acting governor of the CBE as per a presidential decree in mid-August.

This came a day after then-CBE Governor Tarek Amer resigned and was appointed consultant to President Abdel Fattah El-Sisi.

On 25 August, the CBE decided to cancel the maximum limits for deposit operations for individuals and companies in bank branches and ATMs. 

The CBE also decided to increase the daily maximum limit for cash withdrawals for individuals and companies from bank branches from LE 50,000 to LE 150,000.

Furthermore, it kept the daily limit for withdrawals from ATMs at LE 20,000.

It clarified in a statement that this step comes in light of the receding of the coronavirus crisis and in order to facilitate the withdrawal process for citizens and companies.



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