Egypt's largest private bank has just lowered limits on debit card use abroad for the third time since the onset of the foreign currency reserve crisis.
Egypt’s largest private bank Commercial International Bank (CIB) has just announced new limits on pound-linked debit card use abroad, reports Reuters. This comes hot off the heels of similar measures by other major financial institutes.
This is the third such move by the financial institution in six weeks. CIB had curtailed debit card use abroad twice before in response to the country’s depleted foreign currency reserves following years of political unrest and economic missteps.
The move will see local CIB debit card holders’ foreign currency cash withdrawals abroad halted starting September 9th. The limit on the amount of purchasing goods a customer can charge abroad has also been slashed by 70% over the period since the onset of the foreign reserve crisis until now, while limits on credit cards remain the same.
Maximum purchase limits abroad for Classic Card holders have been reduced to $50 per month, $150 for Titanium cardholder and $300 for Platinum cardholders.