New regulations limiting cash withdrawals from Egyptian banks, particularly large sums of dollars, are to be placed in upcoming days, according to Al-Akhbar daily. Banks are instead expected to promote other means of payment, including checks, bankcards and fund transfers.
The new measures are intended to help raise public awareness regarding possible risks associated with the holding of large amounts of cash, including currency related fraud.
The ceiling on cash withdrawals also aims to regulate the currency exchange market, curb the decline in the pound's value and reduce speculation and laundering practices in Egypt. — (Mena Report)
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