Egyptians spent about 100 billion pounds in nine days

Cairo – Mohamed El-Etreby, Chairman of the Federation of Egyptian Banks (FEB), revealed record-breaking spending by Egyptians during the Eid al-Adha holiday and the days leading up to it, with cash withdrawals reaching approximately 100 billion EGP in just nine days.

In a post on his official Facebook account, El-Etreby emphasized the urgent need to expand the adoption of digital financial applications and electronic payment methods to reduce reliance on physical banknotes.

He pointed out that the heavy pressure on Automated Teller Machines (ATMs) had notably eased. Daily withdrawal rates dropped from their peak of 4 to 4.5 billion EGP per day just before Eid—coinciding with the disbursement of salaries and pensions—to less than 1 billion EGP during the first days of the holiday.

This statement follows numerous complaints filed by citizens across several Egyptian governorates ahead of Eid regarding cash shortages in ATMs, as well as technical malfunctions that led to severe crowding and long queues.

In response to the crisis, Ashraf Saad, a member of the Egyptian House of Representatives, called for a comprehensive upgrade of the banking network infrastructure supporting cash withdrawal services, particularly in rural villages and regional governorates.

Saad underscored that relying on temporary solutions during peak seasons and holidays is no longer sufficient, given the continuous rise in the number of ATM users nationwide.