CIB cancels limits on credit cards usage abroad

CAIRO- 23 April, 2017: Egypt’s largest private bank Commercial International Bank (CIB) has canceled limits on Egyptians' use of credit cards abroad, the bank said via SMS sent to its clients.

In July and August 2016, the CIB has introduced limits on the usage of debit and credit cards abroad, in response to the Central Bank of Egypt’s (CBE) instructions to local banks to control and regulate the use of credit and debit cards abroad in an attempt to stop their use for illegal currency trading purposes.

“Dear Customer, we are pleased to inform you that the limits of usage outside the country have been canceled. You can now use the full CIB credit limit for purchases,” the SMS read.

Abolishing the limit reflects the stability and availability of dollars at the CIB, after the Central Bank’s decision to float the Egyptian pound in November last year.

Since floatation, local banks have received $19.2 billion in foreign currencies. Egypt's net international reserves reached $28 billion in March, the highest since 2011.