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Egypt’s Central Bank Orders Removal of Credit Card Foreign Spending Limit

March 6, 2024

The Central Bank of Egypt (CBE) directed banks to remove foreign spending limits on all credit cards, state-owned AlQahera News TV reported on 6 March. According to the report, the CBE’s decision is aimed at boosting the stability of local exchange currency.

The decision comes in light of a recent boost in foreign reserves, following a USD 35 billion (EGP 1 trillion at the time of the deal) megacity investment project with the United Arab Emirates.

A new financial tranche from the International Monetary Fund is also imminent today according to AlQahera News.

In October 2023, the CBE ordered all banks to restrict customers from using credit cards for domestic and foreign currency transactions to prevent a further shortage in foreign reserves.

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