{"id":613342,"date":"2024-01-14T00:00:00","date_gmt":"2024-01-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/14\/cib-adib-cut-credit-card-limits-on-fx-spending\/"},"modified":"2024-01-14T00:00:00","modified_gmt":"2024-01-14T00:00:00","slug":"cib-adib-cut-credit-card-limits-on-fx-spending","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/14\/cib-adib-cut-credit-card-limits-on-fx-spending\/","title":{"rendered":"CIB, ADIB cut credit card limits on FX spending"},"content":{"rendered":"

FX <\/strong>restrictions <\/strong>on <\/strong>credit cards<\/strong> are getting tighter still:<\/strong> Commercial InternationalBank (CIB) and Abu Dhabi Islamic Bank (ADIB) have lowered credit card limits on foreign exchange transactions executed locally and abroad last week, according to announcements on their websites (here<\/a> and here<\/a>). No other local banks have imposed further restrictions on credit card FX limits so far, an industry source tells us.<\/p>\n

The limits at home:<\/strong> CIB trimmed the monthly limit on local FX transactions to the equivalent ofEGP 2k to EGP 7.75k, depending on the type of account, while ADIB cut its limit to USD 50 or equivalent across the board. Prior to the trim, most banks had a standard FX limit at home of the equivalent of EGP 7.7k.<\/p>\n

The limits for purchases abroad:<\/strong> CIB reduced the monthly limits for purchases made while cardholders are abroad to theequivalent of EGP 15k-75k, while ADIB put them to the equivalent of USD 500-2k.<\/p>\n

The limits for withdrawals abroad: <\/strong>CIB lowered its ceiling for monthly cash withdrawalsabroad to the equivalent of EGP 2k to 6.5k, while ADIB slashed its limit to the equivalent of USD 50-100.<\/p>\n

The Central Bank of Egypt (CBE) has given banks the verbal<\/strong>go-ahead to reduce credit card FX limits<\/strong> as they see fit in order to protect their FX liquidity, a banking source told Enterprise.<\/p>\n

ICYMI: <\/strong>The central bank has been tightening its grip on FX transactions in recent months. A six-month bar on FX transactions<\/a> for newly issued credit cards was issued last month in addition to credit card<\/a> and debit card<\/a> restrictions for foreign-currency transactions that began in October of last year.<\/p>\n

\n

HIGH-YIELD CDs-<\/p>\n

New high-yield CDs reel in EGP 205 bn:<\/strong> The high-yield certificates of deposit (CDs) recently iss<\/a>ued<\/a> by the National Bank of Egypt (NBE) and Banque Misr have attracted a combined EGP 205 bn since their launch eight days ago, Youm 7 reported<\/a>, citing NBE Chairman Hisham Okasha and Banque Misr Chairman Mohamed El Etreby. That\u2019s more than fourfold what the certificates had racked up four days into their release<\/a> last week.<\/p>\n

NBE and Banque Misr scale up rates on secured loans<\/strong>: The National Bank of Egypt (NBE) and Banque Misr have reportedly increased the interest rate on loans secured by the three-year 19% CDs to 25.5%, up from 21%, following the central banks signal to all banks to increase rates on secured loans, Al Shorouk<\/a> reports, citing sources it says have knowledge of the matter.<\/p>\n","protected":false},"excerpt":{"rendered":"

The central bank has been tightening its grip on FX transactions in recent months<\/p>\n","protected":false},"author":1,"featured_media":613343,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[469,204,271,240,72,2234],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-abu-dhabi-islamic-bank","tag-banking","tag-central-bank-of-egypt","tag-cib","tag-enterpriseam","tag-foreign-exchange","wpautop","entry"],"acf":{"mongo_id":"176a2de9-e391-4221-8734-8ad36f8e0c19","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/800.jpg","photo_position":"above","homepage_title":"","full_issue_title":"CIB, ADIB cut credit card limits on FX spending","related_issue":[613325],"teaser":"The central bank has been tightening its grip on FX transactions in recent months","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.86ff3207-6da8-469e-8690-6ed4812147cb.mp3"},"yoast_head":"\nCIB, ADIB cut credit card limits on FX spending - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/14\/cib-adib-cut-credit-card-limits-on-fx-spending\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIB, ADIB cut credit card limits on FX spending\" \/>\n<meta property=\"og:description\" content=\"The central bank has been tightening its grip on FX transactions in recent months\" \/>\n<meta property=\"og:url\" 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PLUS: Startup financing news, new Heliopolis Housing project, new fintech startup on the block, Egypt + Malta talk energy","author":"enterpriseam admin","date":"22 January 2024","format":false,"excerpt":"The move follows similar movies by NBE, CIB, and ADIB over the last two weeks","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1803.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":612494,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/got-a-new-credit-card-this-morning-you-cant-use-it-for-fx-purchases-for-six-months\/","url_meta":{"origin":613342,"position":4},"title":"Got a new credit card this morning? 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