Following the enforcement of the Central Bank of Egypt’s (CBE) decision to lifts caps on withdrawals and deposits for individuals and companies importing strategic commodities, banks saw a balance in withdrawals and deposits of foreign currencies.

According to reliable figures, $8m were withdrawn from one of the largest banks operating in Egypt on Wednesday and Thursday, which was counterbalanced by deposits of the same value in dollars by other customers at this bank in the same timeframe.

Chairman of Banque du Caire Mounir El-Zahid confirmed to Daily News Egypt that banks witnessed a balance between dollar withdrawals and deposits from the implementation of the CBE’s decision, contrary to wide-spread expectations.

He added that banks did not encounter any problems in providing foreign currency liquidity for those who wished to withdraw from their accounts.