Egypt banks set new limits for cash withdrawals, purchases abroad

Muhammed Khalid , Sunday 8 Oct 2023

Some Egyptian banks have set new limits for using their cards abroad to curb abusive practices that drain the country’s foreign currency reserves.

Man holding US bank notes.
Man holding US bank notes. Ahram Online.

The Arab African International Bank (AAIB) suspended the use of debit cards outside Egypt, setting new limits on withdrawals and purchases by credit cards abroad.

“The decision aims to prevent abusive use of debit cards outside Egypt to benefit from the difference in the exchange rate between the official and the parallel markets, thus draining the foreign currency reserves at the Egyptian banking system,” a source told Ahram Online.

“Travelers can secure their needs of foreign currency through the bank branches before departing, as per the directives of the Central Bank of Egypt (CBE),” the source added.

Similarly, state-owned Banque Misr set the new cash withdrawal and purchase limits from outside Egypt at a range between $100 and $400 per month for different tiers of cards.

Meanwhile, the National Bank of Egypt (NBE) set new purchase limits ranging between the equivalent of EGP 10,000 and EGP 100,000 for different tiers.

The NBE also set new limits for cash withdrawal at the equivalent of EGP 2,500 - EGP 10,000 for different tiers of cards.

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