Several Egyptian banks have announced new restrictions on spending abroad, including suspending the use of debit cards in foreign currency, as well as setting new limits on withdrawals and purchases by credit cards abroad. This move was done in effort to halt the drain on foreign currency as Egypt’s foreign exchange currency shortage continues to deteriorate. “The decision aims to prevent abusive use of debit cards outside Egypt to benefit from the difference in the exchange rate between the official and the parallel markets, thus draining the foreign currency reserves at the Egyptian banking system,” a source told Ahram Online on 8 October. “Travelers can secure their needs of foreign currency through the bank branches before departing, as per the directives of the Central Bank of Egypt (CBE),” the source added. The Commercial International Bank (CIB) has suspended foreign currency purchases and withdrawals using debit cards from abroad, effective Tuesday, 10 October. The Arab International Bank has also suspended all transactions on debit cards abroad. The Arab African International Bank (AAIB) suspended the use of debit cards outside of Egypt for purchases, and set new cash withdrawal limits abroad that…
Egyptian Banks Suspend Debit Card Use in Foreign Currency, Set New Limits for Cash Withdrawals
October 9, 2023
