Egyptian Banks Set New Limits for Cash Withdrawals From Abroad
These limits have been set to curb abusive practices that drain Egypt’s foreign currency reserves.
A number of Egyptian banks have set new limits for cash withdrawals and purchases abroad, in order to curb the abusive use of debit cards outside Egypt, particularly those that take advantage of the difference in exchange rate between official and parallel markets, and draining the nation's foreign currency reserves as a result.
The Arab African International Bank has suspended the use of debit cards abroad, and set new limits on withdrawal and purchases by credit cards outside Egypt. The withdrawal limits range from EGP 11,000 and EGP 33,000 per month depending on the different tier of cards, while purchasing limits range between EGP 50,000 and EGP 200,000.
Banque Misr meanwhile set new cash withdrawal and purchase limits outside Egypt, ranging between USD 100 and USD 400 per month for different tiers of cards.
The National Bank of Egypt also set new limits for purchases abroad ranging between EGP10,000 and EGP 100,000 depending on different card tiers, as well as limits on cash withdrawal abroad set between EGP 2,500 and EGP 10,000.
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