2 banks ease credit card foreign currency limits

2 banks ease credit card foreign currency limits

Two private banks operating in Egypt have eased strict limits on credit card withdrawals and purchases that were put in place to preserve scarce foreign currency liquidity in the banking system over recent years. The move comes after a number of recent steps to address the scarcity of foreign currency and its impact on the country. Egypt received a major injection of liquidity from the United Arab Emirates under the […]

The post 2 banks ease credit card foreign currency limits first appeared on Mada Masr.Two private banks operating in Egypt have eased strict limits on credit card withdrawals and purchases that were put in place to preserve scarce foreign currency liquidity in the banking system over recent years.

The move comes after a number of recent steps to address the scarcity of foreign currency and its impact on the country. Egypt received a major injection of liquidity from the United Arab Emirates under the landmark Ras al-Hikma development deal, with authorities implementing monetary tightening policies and devaluing the currency shortly afterward.

On Monday, days after the value of the Egyptian pound decreased by around 58 percent against the dollar, Commercial International Bank (CIB) raised its limits on credit cards.

CIB is Egypt’s largest