Banks operating in the Egyptian market have begun raising credit card withdrawal limits following orders from the Central Bank of Egypt, in a new step towards enhancing the stability of the local exchange market.
This follows the measures taken by the government and CBE to enhance foreign exchange flows, and comes as part of the comprehensive economic reform program being implemented in coordination with the government.
The CBE set its most important rules last Wednesday by raising interest rates by six percent to control inflation rates and unify the exchange rate to eliminate the parallel market for the foreign currency, in conjunction with other financial policies.
Several banks announced an increase in the amounts available for use in foreign currency via credit cards, after a period of restrictions imposed on the use of cards abroad due to their misuse and exploitation through currency speculation in the exchange market.
The National Bank of Egypt announced that it raised the limits for cash withdrawals and purchases on credit cards outside Egypt according to the type of each card, as the limits for Visa Classic, MasterCard Standard, and MasterCard EgyptAir, cards became the equivalent of LE 2,500 instead of LE 1,500 for cash withdrawals and the equivalent of LE 25,000 for purchases, instead of LE7,000.
- The limits for Visa Gold and MasterCard Titanium cards were increased to become the equivalent of LE 3,500 for cash withdrawals instead of LE 2,000, and LE 37,500 instead of LE 15,000 for purchases.
- The limits for Visa Platinum, MasterCard Platinum, MasterCard UEFA Champions League cards were also raised to LE100,000 on international purchases and LE 7,500 on cash withdrawals.
The NBE raised the international spending limits on the MasterCard World, Visa Signature, MasterCard World Elite and Visa Infinity credit cards to reach LE 160,000 instead of LE 85,000 for purchases, and LE 7,500 for cash withdrawals instead of LE 4,500.
Banque Misr adjusted the international spending limits on both the Golden and Islamic Gold cards to be LE10,000 for purchases instead of LE6,000 and LE3,000 for cash withdrawals.
It also adjusted the international purchases limit for both the Titanium and Islamic Titanium cards to become LE 25,000, instead of LE 10500 for purchases, and 3,000 for cash withdrawal.
International spending limits for Platinum Card customers were increased to LE50,000 for purchases instead of LE22,500, and LE3,000 for cash withdrawals, and the credit limit for Visa Signature and World customers reached LE100,000 for purchases instead of LE45,600 for cash withdrawals.
The limit for international purchases for World Elite customers increased to LE200,000 instead of LE 90,000, and LE 6,000 for cash withdrawal.
The Commercial International Bank (CIB) also raised the usage limits on all credit cards inside and outside Egypt according to the type of each sector, as the monthly limit for cash withdrawal for Prime customers reaches LE2,000, and for purchases it reached LE25,000 and LE3,500 inside Egypt.
The bank also raised the monthly limit for cash withdrawal outside Egypt for the Plus sector to reach LE3,000 and LE 50,000 for purchases, while inside Egypt at LE7,500.
- The international usage limits for monthly withdrawals for Wealth sector customers increased to LE5,000 and LE105,000 for purchases, and LE10,000 inside Egypt.
- The monthly limit for cash withdrawals outside Egypt for Private sector customers became about LE 6,500 and LE175,000 for purchases, and LE12,500 inside Egypt.
- The monthly limit for cash withdrawals for the Business Banking sector was raised to LE2,500 and for purchases to LE85,000, and LE10,000 inside Egypt.
- The monthly limit for the Corporate sector was also raised to LE2,500 for cash withdrawals and LE130,000 for purchases, and LE12,500 inside Egypt.
The Arab African International Bank raised the daily and monthly limit for cash withdrawals outside Egypt for Visa Gold card customers to LE10,000, and for purchases LE 50,000.
It also raised the daily and monthly limit for cash withdrawals for the MasterCard Titanium card to also become LE 10,000 and LE 100,000 for purchases.
The international usage limits for daily and monthly cash withdrawals for Visa Platinum customers increased to LE 10,000 and LE 120,000 for purchases, and the daily and monthly limits for cash withdrawals in Egypt for Visa Signature and World Elite customers became LE 25,000, and LE 150,000 for purchases.
The daily and monthly limits for foreign currency transactions inside Egypt reached the equivalent of US$1,000 for all cards.
EgyBank updated the limits for purchases and international cash withdrawals to become $200 for purchases and $25 for cash withdrawals for the Classic card.
The Titanium card is at $1,500 for purchases and $25 for cash withdrawals, while the Platinum card is $2,000 for purchases, $25 for cash withdrawals, $2,500 for purchases, and $25 for withdrawals for World cards.
Edited translation from Al-Masry Al-Youm
