{"id":616685,"date":"2024-03-10T00:00:00","date_gmt":"2024-03-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/10\/banks-trade-usd-1-9-bn-in-two-days\/"},"modified":"2024-03-10T00:00:00","modified_gmt":"2024-03-10T00:00:00","slug":"banks-trade-usd-1-9-bn-in-two-days","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/10\/banks-trade-usd-1-9-bn-in-two-days\/","title":{"rendered":"Banks trade USD 1.9 bn in two days"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Banks have bought and sold some USD 1.9 bn <\/strong><strong>on<\/strong><strong> the interbank market since Wednesday morning<\/strong>, when the central bank unveiled its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\" style=\"\" rel=\"noopener\">decision<\/a> to move to a flexible EGP exchange rate and hike interest rates by 600 basis points, <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/61398\/784\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported, citing four unnamed bankers. The USD is currently changing hands in banks at <strong>49.3-49.7.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CREDIT CARD RESTRICTIONS EASING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Banks have started easing FX spending limits:<\/strong> State-owned National Bank of Egypt (NBE) and Banque Misr, CIB, and the Arab African International Bank (AAIB) were among the banks who have revised their monthly credit card FX spending limitsafter the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63e69804-99bc-4a94-a1e0-343e601e434b\" style=\"\" rel=\"noopener\">CBE instructed banks<\/a> to gradually lift restrictions on credit card FX transactions.<\/p>\n<ul>\n<li><strong>NBE <\/strong>has raised the cap on FX transactions to the equivalent of EGP 25k-160k \u2014 depending on the card\u2019s segment \u2014 from EGP 7k-85k, according to the bank\u2019s <a target=\"_blank\" href=\"https:\/\/www.nbe.com.eg\/NBE\/E\/#\/EN\/ProductCategory?inParams=%7B%22CategoryID%22%3A%22CreditCardsID%22%7D\" style=\"\" rel=\"noopener\">website<\/a>. Meanwhile, it raised the cap on FX withdrawal abroad to EGP 2.5k-7.5k.<\/li>\n<li><strong>Banque Misr<\/strong> has raised the ceiling on FX transactions abroad to the equivalent of EGP 10k-200k from EGP 6k-95k, according to the bank\u2019s <a target=\"_blank\" href=\"https:\/\/www.banquemisr.com\/Home\/SMEs\/Retail%20Banking\/Pages\/Cards\/Credit%20Cards%20List\" style=\"\" rel=\"noopener\">website<\/a>. Meanwhile, it raised the ceiling on FX transactions at home to EGP EGP 25k from EGP 7.5k. FX withdrawals were kept unchanged.<\/li>\n<li><strong>CIB <\/strong>has raised the ceiling on FX transactions abroad to the equivalent of EGP 25k-175k from EGP 15k-100k, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/723.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> from the bank. Meanwhile, it raised the ceiling on FX transactions at home to EGP 3.5k-12.5k from EGP 2k-7.5k. FX withdrawal limits were kept unchanged.<\/li>\n<li><strong>AAIB <\/strong>has raised the cap on FX transactions abroad to the equivalent of EGP 50k-150k from EGP 25k-75k, the bank\u2019s <a target=\"_blank\" href=\"https:\/\/www.aaib.com\/individual\/personal-banking\/cards\" style=\"\" rel=\"noopener\">website<\/a> showed. Meanwhile, it raised the cap on FX transactions at home to USD 1k from USD 250. FX withdrawal limits were kept unchanged.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Debit card limits are here to stay: <\/strong>The CBE has no intention to fully scrap limits on debit cards, a CBE official told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/5n6naxdr\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The EGP lost almost 37% of its value against the greenback after the float<\/p>\n","protected":false},"author":1,"featured_media":616686,"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":[7206],"tags":[430,576,271,240,104,72,2234,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-arab-african-international-bank","tag-banque-misr","tag-central-bank-of-egypt","tag-cib","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"f13d2fea-32dc-4b62-b640-30940e775715","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/711.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s banks traded USD 1.9 bn in two days since currency float","related_issue":[616674],"teaser":"The EGP lost almost 37% of its value against the greenback after the float","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.2911fa15-96e1-4699-a286-d4735b522d70.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The changes come at the same time as the central bank is reportedly debating whether to allow the introduction of on-shore non-deliverable forwards (NDFs)\u2026","rel":"","context":"In &quot;FOREIGN EXCHANGE&quot;","block_context":{"text":"FOREIGN EXCHANGE","link":"https:\/\/enterpriseam.com\/egypt\/category\/foreign-exchange\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/150.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572577,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/ebrd-may-increase-financing-to-egyptian-banks-to-usd-1-bn-sources\/","url_meta":{"origin":616685,"position":2},"title":"EBRD may increase financing to Egyptian banks to USD 1 bn -sources","author":"enterpriseam admin","date":"30 June 2020","format":false,"excerpt":"EBRD may boost financing to Egyptian banks by USD 150 mn -sources: The European Bank for Reconstruction and Development (EBRD) is reportedly planning to increase credit lines to Egyptian banks and private companies to USD 1 bn up from USD 850 mn, Al Mal reports, citing an unnamed source. The\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570703,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/national-bank-of-egypt-banque-misr-sell-egp-70-bn-of-high-interest-cds\/","url_meta":{"origin":616685,"position":3},"title":"National Bank of Egypt, Banque Misr sell EGP 70 bn of high-interest CDs","author":"enterpriseam admin","date":"12 April 2020","format":false,"excerpt":"State banks sell EGP 70 bn of high-interest savings certificates in three weeks: Around EGP 70 bn has been invested in the National Bank of Egypt (NBE) and Banque Misr\u2019s new high-interest savings certificates since they were made available three weeks ago, Al Mal reports. NBE has sold EGP 47\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572706,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/06\/egyptian-banks-dole-out-egp-69-bn-from-cbes-egp-100-bn-subsidized-loan-initiative\/","url_meta":{"origin":616685,"position":4},"title":"Egyptian banks dole out EGP 69 bn from CBE\u2019s EGP 100 bn subsidized loan initiative","author":"enterpriseam admin","date":"6 July 2020","format":false,"excerpt":"Banks dole out EGP 69 bn to local industry under CBE\u2019s EGP 100 bn subsidized loan initiative: Egyptian banks \u2014 primarily CIB, the National Bank of Egypt, Banque Misr, QNB, and the Export Development Bank \u2014 have handed out EGP 69 bn in loans to over 4k businesses under Central\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560287,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/22\/also-on-our-radar-on-22-february-2021\/","url_meta":{"origin":616685,"position":5},"title":"Also on our radar on 22 February 2021","author":"enterpriseam admin","date":"22 February 2021","format":false,"excerpt":"The Suez Canal Authority (SCA) is borrowing USD 100 mn from a syndicate of four local banks to finance ongoing projects, Al Mal reports, citing unnamed sources. CIB, Banque du Caire, and Arab African International Bank will provide USD 30 mn each, and the remaining USD 10 mn will be\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=616685"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616685\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616674"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616686"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616685"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616685"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}