- From October 5th onwards Egyptian banks have started setting a limit for daily dollar withdrawals from automated cash teller machines (ATMs) abroad, up to LE 20,000 per month (around $1,000) depending on the type of the card.
From October 5th onwards Egyptian banks have started setting a limit for daily dollar withdrawals from automated cash teller machines (ATMs) abroad, up to LE 20,000 per month (around $1,000) depending on the type of the card. The Banks have advised their clients to pay attention to the maximum withdrawal limit when traveling abroad, for holders of classic cards.
The maximum limit for using the card in foreign currency within 30 days is the amount of the credit limit of the credit card. The situation is similar to what happened at the end of 2016. In view of the payment obligations of Egypt, the Central Bank is trying to control the hard currency outflows from its coffers.
The Egyptian pound continues to slide daily against the dollar close to LE 20 per dollar, against LE 15 per dollar months ago. In the black market, the exchange rate of the dollar is LE24. For granting new loans to Egypt, IMF has set conditions that the country must set a realistic exchange rate for the pound against the dollar and the rest of the foreign currencies.
Also read;
https://trendsnafrica.com/egypt-is-pitching-for-another-round-of-imf-funding/
https://trendsnafrica.com/major-banks-in-egypt-make-profits/
