{"id":670048,"date":"2025-08-13T00:00:00","date_gmt":"2025-08-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/13\/banks-are-loosening-up-fx-restrictions-as-abdalla-nears-end-of-current-term\/"},"modified":"2025-08-13T00:00:00","modified_gmt":"2025-08-13T00:00:00","slug":"banks-are-loosening-up-fx-restrictions-as-abdalla-nears-end-of-current-term","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/13\/banks-are-loosening-up-fx-restrictions-as-abdalla-nears-end-of-current-term\/","title":{"rendered":"Banks are loosening up FX restrictions as Abdalla nears end of current term"},"content":{"rendered":"

Banks are loosening FX restrictions in the latest sign that the FX crunch is <\/strong>behind us: <\/strong>Several lenders announced that they are slashing fees and loosening restrictions that were meant to dampen demand for foreign currency used by travelers and credit card users, according to statements seen by EnterpriseAM. The move comes as the Central Bank of Egypt and commercial banks respond to stronger USD liquidity, boosted by higher tourism revenues, and an uptick in remittances, exports, and portfolio investments, banking sources told EnterpriseAM.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Here\u2019s what this means for you: <\/strong>It\u2019s getting cheaper to make FCY-denominated payments on your credit card as markup fees on FX transactions come down to 3% from 5%. You\u2019ll also be able to get your hands on more USD from banks when presenting proof of upcoming travels. <\/p>\n

AND- The central bank will also scrap a requirement that you hand in exit and entry stamps within 90 days <\/strong>of returning to Egypt, two bankers told us. The CBE has yet to announce that it is releasing the restriction. <\/p>\n

Wait, there\u2019s more: <\/strong>Banks will let customers consume as much as USD 10k for purchases outside of Egypt. The maximum amount of FX travelers can purchase from banks before departure will also increase to USD 10k \u2014 the maximum amount you can legally have on your person while leaving Egypt \u2014 banking expert Mohamed Abdel Aal<\/strong> told EnterpriseAM.<\/p>\n

But merchants shouldn\u2019t get greedy<\/strong>, the CBE seems to be saying. The central bank has reportedly<\/a> sent a circular to all banks in Egypt reminding them that merchants can\u2019t use point-of-sale machines to collect payment from customers in foreign currency. (The one exception we\u2019re aware of is for hotels, which commonly charge foreign guests without residence permits in FCY.)<\/p>\n

The big retail-focused banks are out in front on this:<\/strong> Our friends at CIB as well as the National Bank of Egypt, Banque Misr, and ADIB Egypt are all slashing markup fees on credit card FX transactions to 3%. Banque Misr and NBE also doubled the amount of USD they will sell to travelers to USD 10k.<\/p>\n

WATCH THIS SPACE- <\/strong>We expect other banks to follow suit and announce similar measures soon. <\/p>\n

We\u2019ve come a long way: <\/strong>Despite the float of the EGP over a year ago and the FX crunch being a thing of the past, banks were yet to scrap measures put in place in 2024 and 2023 aimed at protecting their FX liquidity. <\/p>\n

Why now? <\/strong>Abdel Aal noted that the changes came on the back of FX inflows over the past nine months \u2014 more than USD 85 bn from remittances, exports, tourism, the Suez Canal, and FDI, alongside a strong rebound in portfolio inflows. These inflows have driven reserves up to USD 49 bn<\/a>, boosted net foreign assets to USD 14.7 bn<\/a>, and improved liquidity in the interbank market, supporting a steady drop in the EGP\/USD exchange rate to its lowest level in over a year<\/a>. The measures, he said, signal the banking sector\u2019s strength and ability to meet all FX needs across economic and personal uses.<\/p>\n

Reason to be optimistic:<\/strong> The easing of FX restrictions follows the CBE\u2019s decision to lift some of the tougher measures imposed during the FX crunch. Banks now have sufficient USD liquidity, which is a positive indicator for the outlook on inflows in the coming period, former Banque Misr Deputy Chair Sahar El Damati<\/strong> told EnterpriseAM. She pointed to recovery in FX sources \u2014 particularly tourism, remittances, exports, and portfolio investments \u2014 and played down concerns about reliance on hot money. El Damati added that the moves suggest a positive outlook despite ongoing geopolitical tensions.<\/p>\n

Part of broader economic reforms:<\/strong> The CBE\u2019s moves are part of its economic reform program ahead of the upcoming fifth and sixth IMF reviews, Al Ahly Pharos Head of Research Hany Genena<\/strong> told us. The measures \u2014 including enforcing a ban on FX use inside the country except for tourism and raising transfer limits \u2014 aim to establish a fair exchange rate without direct or indirect controls, similar to steps taken in 2016. Genena stressed that the changes are not driven by surplus liquidity, noting that 70-75% of banks\u2019 accumulated foreign assets come from hot money that remains parked in the banking system. He added that Egypt\u2019s current account is in a comfortable position thanks to strong tourism and remittance inflows.<\/p>\n

HASSAN ABDALLA NEARS END OF TERM- <\/p>\n

SPEAKING OF THE CBE- <\/strong>Governor Hassan Abdalla is nearing the end of his current one-year term, which began in mid-August 2024, prompting quiet speculation in the capital city in recent days about whether he will seek reappointment. <\/p>\n

Who\u2019s in the running to take the helm <\/strong>of the central bank if Abdalla is not reappointed? That\u2019s the current parlour game in the banking community. CBE Deputy Governor Tarek El Kholy<\/strong> is a favorite of many, bankers we spoke with said, while CIB CEO Hisham Ezz Al Arab<\/strong> and NBE Chairman Mohamed El Etreby<\/strong> are also considered strong candidates. Ezz Al Arab has previously been touted as a candidate and reportedly declined appointment. <\/p>\n

Market watchers will also be keeping an eye on the modifier in front of the title <\/strong>\u201cgovernor\u201d<\/strong> \u2014 like Abdalla, a number of senior appointees in the Sisi administration are serving one-year \u201cacting\u201d terms that have, in practice, become renewable. Financial Regulatory Authority Chairman Mohamed Farid<\/strong> saw his appointment as acting chairman extended for another year<\/a> earlier this month. It is Farid\u2019s fourth term as acting chairman. <\/p>\n","protected":false},"excerpt":{"rendered":"

Higher reserves from tourism, remittances, exports, and portfolio investments are giving lenders room to cut markups and loosen restrictions on overseas card use<\/p>\n","protected":false},"author":1,"featured_media":670049,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7350],"tags":[204,576,271,240,104,72,2234,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-670048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","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":"2d6e7a4e-7306-476c-8092-75ace49c4908","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/5\/1944.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian 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"Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/470.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568057,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/fx-liquidity-at-banks-is-recovering-from-covid\/","url_meta":{"origin":670048,"position":3},"title":"FX liquidity at banks is recovering from covid","author":"enterpriseam admin","date":"16 December 2020","format":false,"excerpt":"The banking sector\u2019s FX liquidity has recovered from pandemic-induced lows, thanks to the return of foreign inflows to capital markets, Fitch Ratings said in a report yesterday. Net foreign assets at banks increased to USD 2.9 bn in October, continuing to rebound after having turned positive in September. Excluding the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/288.jpg?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":670048,"position":4},"title":"Got a new credit card this morning? You can\u2019t use it for FX purchases for six months.","author":"enterpriseam admin","date":"24 December 2023","format":false,"excerpt":"The move comes in response to a recent surge in credit card issuances","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1522.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595868,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/08\/cbe-issues-regulations-for-foreign-currency-exports\/","url_meta":{"origin":670048,"position":5},"title":"CBE issues regulations for foreign currency exports","author":"enterpriseam admin","date":"8 August 2019","format":false,"excerpt":"REGULATION WATCH- CBE issues regulations for foreign currency exports: New banking regulations will require banks wanting to export and import foreign currency to apply for a 12-month license in January every year, according to a CBE statement (pdf) released yesterday. The CBE said banks have six months from the date\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/670048","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=670048"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/670048\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/670043"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/670049"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=670048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=670048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=670048"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=670048"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=670048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}