Egyptian banks adjust withdrawals and purchases limits for cards abroad

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.