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Thursday, 28 July 2016

CIB caps FX withdrawals, purchases for travelers

CIB became one the last banks in the country to cap foreign currency withdrawals and purchases abroad as it cut both monthly credit and debit card limits by half yesterday, according to information (pdf) sent to clients. CIB told them via text message: "Please note that starting from August 1, there will be a change to the limits for purchases made in foreign currency using the bank’s cards." Maximum monthly foreign currency limits for purchases on regular debit cards dropped to USD 750 and cash withdrawals USD 250. Monthly credit card purchase limits on Classic Cards hit USD 2,500 and cash withdrawals USD 250; on Platinum cards, the purchase limit is USD 12,000 and the cash withdrawal ceiling USD 1,500. NBE and Banque Misr similarly slashed limits last week, while Emirates NBD Egypt backtracked on a plan to suspend card use abroad altogether. The CBE has been pressing since early July for banks to limit cardholders’ transactions abroad.

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