HSBC Bank Egypt Global Service Center. Sica Construction.
The new cap, which took effect on 1 October, applies to all cash withdrawals made through debit and credit cards — including any fees or charges applied by HSBC Bank Egypt or the ATM operator, the bank said.
“These fees or charges may include but are not limited to cash withdrawal fees and foreign currency fees applied by HSBC Bank Egypt or charges applied by ATM operators for using their ATMs – if any,” HSBC explained.
In December, the Central Bank of Egypt (CBE) announced measures to set limits on the usage of bank cards for Egyptians living abroad in a bid to crack down on “fraudulent and abusive use”.
Banks in Egypt have been expanding withdrawal and purchase limits on cards used outside the country amid severe foreign exchange shortages.
In August, Egypt’s foreign asset deficit amounted to nearly $25.92 billion.
The country seeks to collect $191 billion in annual US dollar revenues by 2026.
The USD stands at about EGP 31 in the official market and hovers around EGP 40 in the parallel market.
This is fueling anticipation of another devaluation, which is also required by the International Monetary Fund under a $3 billion loan agreement with Egypt.