SAIB Bank removes curbs on Egyptians’ use of credit cards abroad

Egypt’s Societe Arab Internationale de Banque (SAIB) has removed Sunday 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 several banks such as the National Bank of Egypt (NBE), Commercial International Bank (CIB), Banque Misr, and HSBC, the latest indication that a foreign-currency crunch that crippled the economy is easing.

“SAIB clients can now use the maximum limit of credit cards on purchase operations abroad, and we are now considering removing curbs imposed on the use of debit cards outside the country as well.” a senior source in the bank told Amwal Al Ghad.

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.