The National Bank of Egypt (NBE) and Banque Misr have raised foreign currency spending limits on credit cards for international transactions to USD 5,000 (EGP 300,000), the banks announced on Monday.
NBE has also increased the foreign currency spending limits on credit cards for non-travel transactions, setting the maximum tier at EGP 100,000 (USD 2,000).
In June, both banks increased credit card limits by 50 percent and lowered the transfer commission from 10 percent to five percent.
Additionally, the monthly purchase limit for the highest category of credit cards was raised to USD 6,000 (EGP 290,000).
Egypt’s two-year struggle with a US dollar shortage has begun to ease following a USD 35 billion (EGP 1 trillion) agreement signed in February with the UAE to develop the Ras El-Hekma coastal zone.
Remittances from Egyptians abroad, a major source of foreign currency, saw a significant rise in May, reaching USD 2.7 billion (EGP 130 billion), providing a boost to Egypt’s greenback reserves.
The Central Bank of Egypt (CBE) further announced an 87 percent increase in remittances for July 2024, which soared to USD 3 billion (EGP 145 billion) compared to USD 1.6 billion (EGP 77 billion) in July 2023.
Comments (0)