The source explained that Egyptian Central Bank Notify the banks to open the limits of credit cards and direct debit cards for customers who traveled before the date of the decision, December 22, 2022, so that the customer can obtain his necessary needs of foreign currency, upon the customer’s request.
He pointed out that the Central Bank confirmed that there are no usage limits for customers who have accounts in foreign currency or credit cards whose uses are paid from their accounts in foreign currency.
And Egyptian government banks decided, a few days ago, to reduce the limits for withdrawing foreign currencies denominated in the local currency for cash withdrawals and purchases outside the country. Egypt In a move repeated earlier in the year.
On Thursday, the Central Bank of Egypt decided to raise interest rates by 300 basis points (3 percent), higher than expected, in its last meeting this year, in order to curb inflation, which increased due to the sharp decline in the value of the pound against the dollar.
And the Central Bank of Egypt announced, in a statement, after the Monetary Policy Committee meeting, that it raised the rates of the one-night deposit and lending return, and the price of the main operation of the Central Bank, by 300 basis points, to become at 16.25 percent, 17.25 percent, and 16.75 percent, respectively, which is more than The forecast was 200 basis points.
A rate hike may indicate that the central bank may be preparing further devaluations of the pound against the dollar.
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A responsible banking source said, on Sunday, that the Central Bank of Egypt directed banks to procure foreign exchange and open the limits of credit cards and direct debit cards for needs in foreign currency “for the purposes of education and treatment without maximum limits,” when the customer requests these uses, and submits supporting documents for that, according to Al-Sharq News Agency. official middle.
The source explained that Egyptian Central Bank Notify the banks to open the limits of credit cards and direct debit cards for customers who traveled before the date of the decision, December 22, 2022, so that the customer can obtain his necessary needs of foreign currency, upon the customer’s request.
He pointed out that the Central Bank confirmed that there are no usage limits for customers who have accounts in foreign currency or credit cards whose uses are paid from their accounts in foreign currency.
And Egyptian government banks decided, a few days ago, to reduce the limits for withdrawing foreign currencies denominated in the local currency for cash withdrawals and purchases outside the country. Egypt In a move repeated earlier in the year.
On Thursday, the Central Bank of Egypt decided to raise interest rates by 300 basis points (3 percent), higher than expected, in its last meeting this year, in order to curb inflation, which increased due to the sharp decline in the value of the pound against the dollar.
And the Central Bank of Egypt announced, in a statement, after the Monetary Policy Committee meeting, that it raised the rates of the one-night deposit and lending return, and the price of the main operation of the Central Bank, by 300 basis points, to become at 16.25 percent, 17.25 percent, and 16.75 percent, respectively, which is more than The forecast was 200 basis points.
A rate hike may indicate that the central bank may be preparing further devaluations of the pound against the dollar.