Books – Ahmed Yaqoub
Monday, March 11, 2024 05:34 PM
Elimination Commercial International Bank CIB, the largest Egyptian private bank, increased the limits of credit cards in foreign currency, after increasing the country’s dollar resources.
“The Seventh Day” publishes full details regarding the new credit limits, which include cash withdrawals starting from 3,500 pounds and up to 10,500 pounds, and purchases starting from 75,000 pounds and up to 200,000 pounds, depending on the sector to which the customer belongs.
A high-level banking source confirmed that the 36 banks operating in Egypt have absolute freedom to set appropriate limits for the uses of credit cards in foreign currency and their controls in light of the internal standards of each bank, in a way that aims to facilitate their customers and meet their needs in foreign currency.
This comes following directives to the Central Bank to raise the limits for the use of credit cards, as part of a number of decisions and procedures it issued a few days ago, within the framework of enhancing the flexibility and stability of the local exchange market and after providing the necessary financing to support foreign exchange liquidity.
A number of banks announced an increase in the amounts available for use in foreign currency via cards, while all banks are preparing to implement the instructions for the increase within days.
The Central Bank of Egypt stressed its commitment to maintaining price stability in the medium term. To achieve this, the Central Bank is committed to continuing its efforts to shift towards a flexible framework for targeting inflation, by continuing to target inflation as the nominal basis of monetary policy while allowing the exchange rate to be determined according to market mechanisms. Unifying the exchange rate is considered a very important measure, as it contributes to eliminating the accumulation of… Demand for foreign exchange following the closing of the gap between the official and parallel market exchange rates.
The Monetary Policy Committee decided, in its extraordinary meeting a few days ago, to raise the overnight deposit and lending rates and the Central Bank’s main operation rate by 600 basis points to reach 27.25%, 28.25% and 27.75%, respectively, and the credit and discount rates were also raised by 600 points. basis to reach 27.75%.
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