Cairo – January 16, 2024: At least five banks have now announced restrictions on international spending and cash withdrawals using credit cards as of Tuesday, January 16th, with some banks limiting foreign currency spending within Egypt to as low as $65.
Al Baraka Bank Egypt and EG Bank announced new restrictions on foreign currency transactions on Tuesday through their respective websites, following Abu Dhabi Islamic Bank (ADIB) and CIB’s new limitations released last Thursday.
Al Baraka Bank and EG Bank have both decided to suspend international credit card withdrawals as Egypt continues to move through an FX shortage.
On monthly international purchasing limits while abroad, EG Bank revealed a new limit of LE 3,000 ($97) while Al Baraka Bank has restricted it to LE 7,750 ($250).
FABMisr has also reduced its monthly international limits to between $300 to $2.5k, according to Enterprise, citing a customer service representative. Withdrawal limits for all cards abroad will remain at $100 and local FX transactions at $250.
On Thursday, CIB sent customers an SMS revealing new FX restrictions, including limiting FX transactions while in Egypt between LE 2,000 ($65) to 7,75k or equivalent, according to the type of account, and shrinking international purchasing limits to between LE 15,000 ($485) and 75,000.
The Abu Dhabi Islamic Bank restricted foreign currency transactions within Egypt to around $50, with monthly limits while traveling was cut to $500-2,000 or equivalent.
The Egyptian pound remains officially stable at around LE 30.9 against the USD, while the pound is trading at around LE 56 against the USD in the black market.
Cairo – January 16, 2024: At least five banks have now announced restrictions on international spending and cash withdrawals using credit cards as of Tuesday, January 16th, with some banks limiting foreign currency spending within Egypt to as low as $65.
Al Baraka Bank Egypt and EG Bank announced new restrictions on foreign currency transactions on Tuesday through their respective websites, following Abu Dhabi Islamic Bank (ADIB) and CIB’s new limitations released last Thursday.
Al Baraka Bank and EG Bank have both decided to suspend international credit card withdrawals as Egypt continues to move through an FX shortage.
On monthly international purchasing limits while abroad, EG Bank revealed a new limit of LE 3,000 ($97) while Al Baraka Bank has restricted it to LE 7,750 ($250).
FABMisr has also reduced its monthly international limits to between $300 to $2.5k, according to Enterprise, citing a customer service representative. Withdrawal limits for all cards abroad will remain at $100 and local FX transactions at $250.
On Thursday, CIB sent customers an SMS revealing new FX restrictions, including limiting FX transactions while in Egypt between LE 2,000 ($65) to 7,75k or equivalent, according to the type of account, and shrinking international purchasing limits to between LE 15,000 ($485) and 75,000.
The Abu Dhabi Islamic Bank restricted foreign currency transactions within Egypt to around $50, with monthly limits while traveling were cut to $500-2,000 or equivalent.
The Egyptian pound remains officially stable at around LE 30.9 against the USD, while the pound is trading at around LE 56 against the USD in the black market.
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