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Thursday, 3 November 2016

NBE reduced caps on debit card use outside Egypt

Banks in another round of cuts to use of debit cards abroad: The National Bank of Egypt has announced new cuts to spending limits on its debit cards when used abroad, Al Mal reports. Withdrawals were cut to the foreign-currency equivalent of EGP 200 from EGP 2,500, while purchases were cut to EGP 300 from EGP 5,000. Al Mal says the bank kept the limits on credit card usage unchanged. That EGP 200 limit is just good enough to buy you this lovely set of toilet paper rolls. The Arab African International Bank (AAIB) and Banque du Caire have also slashed their limits (again). Caps on AAIB’s credit cards and debit cards were lowered by 25-50%, while increasing charges on handling FX transaction by up to 9%, Al Mal reports. Banque du Caire cut purchases on its gold credit cards to the foreign-currency equivalent of EGP 20k, the newspaper notes. The service charge for purchases in FX was increased to 7%.

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