BM has set cash withdrawal limits for ATM and point-of-sale (POS) transactions conducted outside the country using this new debit card at $1,000 per day and $2,000 per month, the source, who requested anonymity, added.

The Visa Platinum card, which is valid for five years, has been made available to both Egyptians and foreigners, an informed source at the bank told Ahram Online.

To obtain the card, customers are required to pay an issuance fee of $20, along with an annual fee of $10.

To open a US dollar account with Banque Misr, a minimum deposit of $100 is required, along with an account issuance fee of EGP 50. Additionally, there is a 10 percent commission for currency management if the card is used in a currency other than the US dollar.

This new dollar debit card serves as a solution for customers who aim to make purchases in dollars, either domestically or internationally, especially considering the suspension of debit card usage during the previous period, the source added.

Speaking to AO, banking expert Hany Abul-Fotouh expressed his opinion that this card will not strain the bank's foreign liquidity, as it is linked to the customers' dollar accounts and the size of their foreign currency savings.

On the contrary, Abul-Fotouh believed that this card is likely to encourage customers to save in foreign currency, as it offers them the convenience of making purchases and cash withdrawals abroad in foreign currency.

Starting in 2022, Egyptian banks implemented restrictions on credit card spending in foreign currencies to mitigate the depletion of foreign currency reserves in the face of a severe shortage.

On 9 October, various local Egyptian banks temporarily halted cash withdrawals and purchases made outside the country using debit cards, following instructions from the Central Bank of Egypt (CBE).

These measures were put in place to alleviate pressure on foreign currency reserves and prevent the misuse of debit cards abroad, as some individuals were withdrawing cash in foreign currencies, particularly US dollars, to sell them on the parallel market, taking advantage of the significant difference between the official exchange rate and the parallel market rate.

The parallel market currently values the US dollar at over EGP 70, while the official exchange rate remains around EGP 31 per dollar.

On 17 October, the Central Bank of Egypt issued new guidelines to regulate the use of credit cards for foreign currency transactions, aiming to address concerns of potential misuse.

In December, several Egyptian banks suspended international transactions for newly issued credit cards for a period of up to six months from the date of issuance.

The affected cards included those issued by the National Bank of Egypt (NBE), BM, and the Commercial International Bank (CIB).