HSBC removes curbs on Egyptians’ use of credit cards abroad

HSBC Bank Egypt has removed all the curbs imposed on the Egyptians’ use of credit cards abroad and restored the maximum cash withdrawal outside the country.

The move follows similar measures taken by a number of other banks such as Banque Misr, the National Bank of Egypt (NBE), and Commercial International Bank (CIB), the latest indication that a foreign-currency crunch that crippled the economy is easing.

Egyptian banks earlier in 2016 restricted the usage of credit cards, amid accusations they were being used to circumvent official measures to tame a black market that was both a product of — and contributing to — the currency shortage. The crisis began to abate in November, when the central bank floated the pound and raised rates, helping to secure a $12 billion International Monetary Fund loan that opened the door for foreign investors to return.

HSBC Cards Foreign Currency Usage Limits

Purchase Limits