Egyptian banks set limit on monthly cash withdrawals abroad – Egypt Today

Egyptian banks set limit on monthly cash withdrawals abroad – Egypt Today

CAIRO - 5 October 2022: The Egyptian banks began on Wednesday implementing new instructions regarding setting a limit for daily dollar withdrawals from automated cash teller machines (ATMs) abroad, up to LE 20,000 per month (around $1,000) depending on the type of the card. On Tuesday, public and private banks sent text messages to their customers stressing the need to pay attention to the maximum withdrawal limit when traveling abroad, for holders of classic cards. The maximum limit for using the card in foreign currency within 30 days is the amount of the credit limit of the credit card, knowing that the 30 days will be calculated with the first foreign purchase transaction in foreign currency. These instructions are similar to what happened before the massive flotation of the pound against the dollar at the end of 2016. Upon this decision, the Central Bank is in the process of taking strict measures to try to preserve the decreasing hard currency in its coffers, due to Egypt's periodic obligations to pay services and debt installments. The exchange rate of the pound continues to decline daily against the dollar at a rate of a few piasters, to approach the barrier of LE