Emirates NBD Egypt reverses move to suspend credit, debit card use abroad
Emirates NBD Egypt has cancelled a decision taken earlier to suspend use of debit and credit cards abroad, its deputy managing director Sahar El Damati told Amwal Al Ghad on Tuesday.
The Egyptian arm of the UAE bank announced earlier on Tuesday it was suspending use of debit and credit cards abroad, in an attempt to keep hard currency inside the bank as Egypt endures a crippling foreign exchange shortage.
The Emirates NBD announcement was made on Monday night to customers via SMS. The move followed Egypt’s central bank directive to suspend dollar withdrawals abroad.
“Dear Valued Customer, please note that Emirates NBD cards will be disabled for international use outside Egypt only effective 24th of July 2016 till further notice. Apologies for any inconvenience,” read the text message.
El Damati further said the bank reversed the decision upon the customers’ requests and its strategy to meet all their requirements.
The bank will notify today customers via SMS about the validity of its debit and credit cards for international use outside Egypt once again, the banking official added.
Egypt has suffered from a shortage of dollars in the banking system that has sapped its ability to import since a 2011 uprising drove away tourists and foreign investors, both crucial sources of hard currency.
On Monday Lebanon’s Bank Audi informed customers that it was reducing the maximum purchase limit outside Egypt for holders of its Mastercard Titanium card to $4000 from $7000 dollars, and that its maximum withdrawal limit was $400 per month.
