NBE, Banque Misr raise limits of credit card withdrawals outside Egypt to $5,000

Moreover, the NBE raised the foreign currency spending limits on credit cards for non-travel transactions, with the maximum tier set at EGP 100,000.

In June, both banks increased credit card limits by 50 percent and reduced the transfer commission from 10 percent to five percent.

At the same time, they raised the monthly purchase limit to $6,000 for the highest category of credit cards.

Additionally, the $35 billion deal signed in February with the UAE to develop the Ras El-Hekma coastal zone has started to ease the US dollar shortage crunch Egypt has been facing for over two years.

Furthermore, the International Monetary Fund (IMF) increased the total loan extended to Egypt from $3 billion to $8 billion, under the ongoing Extended Fund Facility (EFF) programme.

In addition, Egyptian remittances increased by 87 percent in July to $3 billion, compared to $1.6 billion in July 2023.