CAIRO: 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. “Not official, but I heard (it was designed) to control hoarding and inflation,” said one analyst who asked not to be named. SPEEDREAD ● The daily limit for individuals would be 10,000 Egyptian pounds ($635) and 50,000 pounds for companies, 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. “This could reduce hoarding and panic buying and contain prices,” a second analyst said. The central bank has also urged people to limit their use of banknotes and to rely on electronic transfers and e-payments. “All banks canceled fees on transfers and e-payment methods for the citizens’ convenience,” the statement added. Egypt ordered mosques to shut their doors to worshippers for two weeks from March 21. The Ministry of Islamic Endowments said on Sunday that it would extend the closure indefinitely.