NBE, Banque Misr, CIB raise credit cards’ limits for int’l purchases inside, outside Egypt
The state-owned National Bank of Egypt (NBE) and Banque Misr increased credit card limits by 50 percent, reducing the transfer commission from 10 percent to five percent.
They also raised the monthly purchase limit to $6,000 for the highest category of credit cards.
Meanwhile, the Commercial International Bank (CIB) raised limits on all credit cards inside and outside Egypt, according to the type of each category.
Accordingly, the bank raised the monthly international purchase limit outside Egypt for Prime clients to EGP 100,000 instead of EGP 75,000, and EGP 3,500 for cash withdrawals.
It also raised the monthly international purchase limit outside Egypt for Plus clients to EGP 175,000 instead of EGP 125,000, and EGP 5,000 for cash withdrawals.
Moreover, the CIB increased the monthly international purchase limit for the Wealth category to EGP 250,000 instead of EGP 175,000, and EGP 8,000 for cash withdrawals.
The monthly international purchase limit outside Egypt for the Private category became EGP 300,000 instead of EGP 200,000, and EGP 10,500 for cash withdrawals.
The bank also raised the monthly international purchase limit for the Business Banking sector to EGP 175,000 instead of EGP 125,000, and EGP 4,000 for cash withdrawals, while the monthly limit for the Corporate sector increased to EGP 250,000 for purchases instead of EGP 175,000, and EGP 4,000 for cash withdrawals.
The US dollar shortage crunch that Egypt suffered from for over two years has started to ease with the $35 billion deal signed in February with the UAE to develop Ras El-Hekma coastal zone.
Egypt has received $24 billion in cash flow under the deal, and $11 billion in UAE deposits at the Central Bank of Egypt (CBE) is dedicated to the Ras El-Hekma project’s investment.
In response to the crisis, the CBE instructed the banks to reduce the limits of credit cards for international purchases inside and outside Egypt to tackle this shortage that harshly affected the Egyptian economy.
Ras El-Hekma deal served as a lifeline for the country’s economy amid the severe US dollar shortage due to the repercussions of the Russian-Ukrainian war. It also came in response to the implications of the Israeli war on Gaza and the Red Sea disruption.
In addition, the International Monetary Fund (IMF) increased the total loan extended to Egypt under the ongoing Extended Fund Facility (EFF) programme from $3 billion to $8 billion.
Minister of International Cooperation Rania Al-Mashat announced Monday that Egypt could mobilize $2 billion in development financings from the World Bank, the African Development Bank, and the European Union (EU) over the past few months.
The EU-Egypt Investment Conference is scheduled to kick off on Saturday to market investment opportunities in the Egyptian market and announce the breakdown of the $8 billion the EU committed to Egypt in response to the geopolitical tensions in the region.