{"id":626178,"date":"2024-06-26T00:00:00","date_gmt":"2024-06-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/26\/banque-misr-and-nbe-follow-cib-in-halving-fx-commissions-and-raising-credit-card-limits\/"},"modified":"2024-06-26T00:00:00","modified_gmt":"2024-06-26T00:00:00","slug":"banque-misr-and-nbe-follow-cib-in-halving-fx-commissions-and-raising-credit-card-limits","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/26\/banque-misr-and-nbe-follow-cib-in-halving-fx-commissions-and-raising-credit-card-limits\/","title":{"rendered":"Banque Misr and NBE follow CIB in halving FX commissions and raising credit card limits"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Banque Misr and NBE slash FX markup fees in half<\/strong><strong>:<\/strong> Banque Misr and the National Bank of Egypt are lowering their FX markup fees to 5% from 10% and raising their FX credit card limits by 50%, Banque Misr and Federation of Egyptian Banks Chairman Mohamed El Etreby told <a target=\"_blank\" href=\"https:\/\/x.com\/CNBCArabia\/status\/1805493794902532363\" style=\"\" rel=\"noopener\">CNBC Arabia<\/a>. The new limits bring Banque Misr\u2019s spending cap outside Egypt on its highest category of cards to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1584.pdf\" style=\"\" rel=\"noopener\">the FX equivalent of EGP 300k (pdf)<\/a> and the NBE\u2019s to <a target=\"_blank\" href=\"https:\/\/www.nbe.com.eg\/NBE\/E\/#\/AR\/ProductCategory?inParams=%7B%22CategoryID%22%3A%22CreditCardsID%22%7D\" style=\"\" rel=\"noopener\">the FX equivalent of EGP 240k<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CIB was the first to make the move: <\/strong>The Commercial International Bank announced the day before that it would be <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0dbd8b6a-2edb-437d-b780-8adb3b1b61ec\/cib-halves-fx-markup-fees-to-5%2525-and-eases%253cmark%253e-card%253c%2Fmark%253e%253cmark%253e-limits%253c%2Fmark%253e-abroad\" style=\"\" rel=\"noopener\">lowering<\/a> its FX markup fees and increasing spending limits, with the bank\u2019s FX fee halving to 5% and monthly purchases abroad capped at the equivalent of EGP 100k-300k, up from EGP 75k-200k, depending on the type of card.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Back to normalcy? <\/strong>These changes may spell the beginning of a return to normalcy for the banking sector, which has been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d4e1310-8476-4983-bf26-83593b2f6167\/%253cmark%253emajor%253c%2Fmark%253e-local%253cmark%253e-banks%253c%2Fmark%253e-set-withdrawal%253cmark%253e-limits%253c%2Fmark%253e%253cmark%253e-on%253c%2Fmark%253e-using-debit-and-credit-cards-abroad-%2B-cbe-reportedly-mulls-allowing-ndfs-to-trade\" style=\"\" rel=\"noopener\">using FX restrictions<\/a> to manage the country\u2019s currency crisis since October 2022 by conserving hard currency assets. Higher spending limits and lower commission fees may also help water down rumors of a renewed USD shortage that emerged as the EGP slid in value against the greenback following the Eid Al Adha break.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banque Misr and the National Bank of Egypt are halving their FX commissions to 5%<\/p>\n","protected":false},"author":1,"featured_media":626179,"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":[7392],"tags":[204,576,72,2234,7391],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-626178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fx-watch","tag-banking","tag-banque-misr","tag-enterpriseam","tag-foreign-exchange","tag-fx-watch","wpautop","entry"],"acf":{"mongo_id":"e0139cb2-943d-490d-adc3-19026eea13ec","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1625.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Banque Misr and NBE follow CIB in halving FX commissions and raising credit card limits","related_issue":[626170],"teaser":"Banque Misr and the National Bank of Egypt are halving their FX commissions to 5%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.4e93ec06-6c01-4f24-9108-5724d03eb7ba.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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PLUS: Banque Misr, NBE increase credit card limits, decease FX markup fees","author":"enterpriseam admin","date":"25 June 2024","format":false,"excerpt":"Good afternoon, friends, and happy hump day. We hope that it hasn\u2019t blacked out where you are as the rolling power outages continue in Om El Donia. 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