Sunday, March 29, 2020 2:09 p.m. CDT
by Thomson Reuters
CAIRO (Reuters) – Egyptian banks have been instructed to use short-term limits on each day withdrawals and deposits in a transfer seemingly designed to manage inflation and hoarding in the course of the coronavirus’ unfold.
The each day restrict for people can be 10,000 Egyptian kilos ($635) and 50,000 kilos for corporations, a central financial institution assertion mentioned, although companies will probably be exempt from the withdrawal limits if the cash is used to pay workers.
The central financial institution has additionally restricted each day ATM withdrawals and deposits to five,000 kilos, it mentioned in a press release.
“Not official, however I heard (it was designed) to manage hoarding and inflation,” mentioned one analyst who requested to not be named.
“This might scale back hoarding and panic shopping for and include costs,” a second analyst mentioned.
The central financial institution has additionally urged individuals to restrict their use of banknotes and to depend on digital transfers and e-payments.
“All banks canceled charges on transfers and e-payment strategies for the residents’ comfort,” the assertion added.
Egypt reported 33 new coronavirus circumstances and 4 fatalities on Sunday, bringing the totals to 609 confirmed infections and 40 deaths.
Egypt ordered mosques to close their doorways to worshippers for 2 weeks from March 21.
The Ministry of Islamic Endowments mentioned on Sunday that it could prolong the closure indefinitely.
(Reporting by Ehab Farouk; Extra reporting by Omar Fahmy; Writing by Amina Ismail; Modifying by Nick Macfie and David Goodman)