Egypt's banks told to limit withdrawals and deposits

Egyptian banks have been instructed to apply temporary limits on daily withdrawals and deposits in a move seemingly designed to control inflation and hoarding as concern grows over the spread of the coronavirus.
The daily limit for individuals would be 10,000 Egyptian pounds ($635) and 50,000 pounds for companies, a central bank statement said, though businesses will be exempt from the withdrawal limits if the money is used to pay employees. The central bank has also limited daily ATM withdrawals and deposits to 5,000 pounds, it said in a statement.