Egypt’s CIB bank raises credit card limits

Banks operating in the Egyptian market have begun raising credit card limits in implementation of the directives of the Central Bank of Egypt (CBE), a new step towards enhancing the stability of the local exchange market, following the measures taken by the government and the CBE to enhance foreign exchange flows, Amwal Al Ghad Arabic reported on Monday.

In this regard, CIB adjusted the limits of international spending according to each sector, raising the cash withdrawal limit for the “Prime” sector to reach the equivalent of EGP 3,500 instead of EGP 2,000, purchases limit was increased to EGP 75,000 instead of EGP 25,000, and local transactions were raised up to EGP 50,000 instead of EGP 3,500.

The limits of international use of monthly withdrawals for customers of the “Wealth” sector rose to 8,000 pounds instead of 5,000 pounds, and purchase limit was raised to 175,000 pounds instead of 105,000 pounds, and transactions inside Egypt were raised to 50,000 pounds. The monthly limit for cash withdrawal outside Egypt for customers of the “Private” sector became about 105,000 pounds instead of 6,500 pounds and purchases limit was increased to 200,000 pounds instead of 175,000 pounds, and local transactions were increased to 50,000 pounds.

Meanwhile, the monthly limit for cash withdrawal for the “Business Banking” sector rose to 4,000 pounds instead of 2,500 pounds, and limits for purchases were increased to 125,000 pounds instead of 85,000 pounds and transactions inside Egypt were raised to 50,000 pounds, while the monthly limit for the “Corporate” sector was raised to 4,000 pounds instead of 2,500 pounds for cash withdrawal, limit of purchase transactions was increased to 175,000 pounds instead of 130,000 pounds, and local transactions were increased to 50,000 pounds.