Egypt's central bank makes exemptions for limits on cash withdrawal overseas

The CBE ordered banks to remove maximum limits on credit and debit cards for customers who require foreign cash overseas for medical treatment or education purposes after they submit documents proving their claim, the state’s news agency MENA quoted a banking source as saying.

The CBE also ordered banks to remove limits on bank cards for those who traveled before the announcement of the latest restrictions on 22 December, the source added.

The CBE also affirmed that the latest restrictions do not include customers whose accounts are in foreign currency or cardholders who make purchases using their foreign currency accounts, the source affirmed.

On Thursday, the CBE announced new restrictions on foreign currency withdrawal overseas as the country struggles with a shortage of hard currency. A black market where the US dollar is traded at over EGP 30, compared to the official exchange rate of EGP 24.7, has flourished.