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The Central Bank of Egypt (CBE) has just instructed banks to remove limits on foreign spending for all credit cards.
The bank’s decision aims to strengthen the stability of the local exchange currency. The move follows a recent increase in foreign reserves due to a $35 billion (EGP 1 trillion at the time of the deal) megacity investment project with the United Arab Emirates.
Earlier today, the state-owned AlQahera News TV reported that a new financial tranche from the International Monetary Fund is also expected soon.
It is worth noting that in October 2023, the CBE had previously ordered all banks to limit the use of credit cards for both domestic and foreign currency transactions to prevent a further shortage in foreign reserves.
