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Egypt’s largest bank has lowered its FX withdrawal limits: TheNational Bank of Egypt (NBE) has lowered credit card limits (pdf) on foreign exchange transactions executed at home and abroad, according to its website..
The new limits abroad: NBE trimmed the monthly limit on FX purchases made whilecardholders are abroad to the equivalent of EGP 7k-85k, depending on credit card type, down from EGP 10k-100k. It also lowered the monthly ceiling on cash withdrawals abroad to the equivalent of EGP 1.5k-4.5k from EGP 2.5k-10k.
The new limits at home: The bank reduced local FX transactions to the equivalent of USD 50-250 depending on the card type, down from a standard USD 250 across the board. The same limits will be applied for customers abroad who didn’t notify the bank of their travel.
Remember: The new limits come on the heels of similar restrictions imposed by CIB, AbuDhabi Islamic Bank (ADIB), and others. The central bank has been tightening its grip on FX transactions in recent monthsamid an FX shortage. A six-month bar on FX transactions for newly issued credit cards was issued last month in addition to credit card and debit card restrictions for FX transactions that began in October.
IN OTHER BANKING NEWS-
The new high-yield CDs have attracted a combined EGP 380 bn in NBE and Banque Misras of last Thursday, Al Masry Al Youm reports, citing Banque Misr Chairman Mohamed El Etreby and an unnamed banking source.
Remember:NBE and Banque Misr introduced two record-high 12-month CDs paying out annual interest rates of 23.5% and 27.0% earlier in the month, after CDs worth around EGP 500 bn introduced by the two banks last year began maturing.
CIB is also out with its own high-yield CDs: Commercial International Bank (CIB) hasrolled out a trio of fixed high-yield three-year certificates of deposit (CDs), according to the bank’s website. The bank’s new 20% yield CD has a minimum buy-in of EGP 100k, its 21% yield requires a minimum booking of EGP 1 mn, and to get their highest interest rate of 22%, customers need to put in a minimum of EGP 5 mn.
