Sunday 29 March 2020
Tariq Amer, Governor of the Central Bank, said that the Central Bank’s decision to impose restrictions on withdrawing and depositing cash is temporary for a period of two weeks, and aims to regulate the movement of withdrawing and depositing cash in the market.
Amer added, in a telephone interview, with the journalist Ahmed Moussa, on Sada Al-Balad satellite channel, that the Central Council will review this decision after two weeks.
Amer said that the central will not allow the storage of “cache” and that there is no need for any fear or anxiety, and that: “The money is there and I want to do transactions that he can do normally.”
Amer said that the Egyptians withdrew more than 30 billion pounds from the banks in just 3 weeks, “without need”.
“Individuals withdraw money from banks and they do not need them.”
The governor said: “The people were dealing with their increased comfort, and there must be some discipline.”
Amer added that many people spend large sums, while there are pensioners and small salaries who need to provide cash to meet their needs.
“We have people who take salaries and pensions and want to give them a chance and spend without crowding. We need to think about others, because at some point I want to spend a thousand pounds for dinner, while in other people they withdraw without needing and make crowds,” according to Amer.
Amer said that any institution that wants cash for its business will be provided by banks, and that companies that want to deposit large amounts of money per day for the nature of their activities will be accepted deposits, such as Eastern Tobacco or gas stations that receive large amounts of cash daily.
He said that any company or individuals can deal in any amount whatsoever through bank transfers and banking transactions.
Amer stressed that the economic situation in Egypt is in a very strong position, and that the Central Bank has large reserves.