Banking source: The implementation of raising the limits of credit cards in foreign currency has begun according to the standards of each bank

Books – Ahmed Yaqoub

Friday, March 8, 2024 12:00 AM

A high-ranking banking source confirmed that the 36 banks operating in Egypt have absolute freedom to set appropriate limits for the uses of credit cards in foreign currency and their controls in light of the internal standards of each bank, in a way that aims to facilitate their customers and meet their needs in foreign currency.

This comes following directives to the Central Bank to raise the limits for the use of credit cards, as part of a number of decisions and procedures it issued, within the framework of enhancing the flexibility and stability of the local exchange market and after providing the necessary financing to support foreign exchange liquidity.

In an urgent move, a number of banks, led by the National Bank of Egypt, the Arab African International, and the Export Development Bank, announced on Thursday morning an increase in the amounts available for use in foreign currency via cards, while all banks are preparing to implement the instructions for the increase during the next week.

And it was Egyptian Central BankHe stressed his commitment to maintaining price stability in the medium term. To achieve this, the Central Bank is committed to continuing its efforts to shift towards a flexible framework for targeting inflation, by continuing to target inflation as the nominal basis of monetary policy while allowing the exchange rate to be determined according to market mechanisms. Unifying the exchange rate is considered a very important measure, as it contributes to eliminating the accumulation of… Demand for foreign exchange following the closing of the gap between the official and parallel market exchange rates.

In its extraordinary meeting, the Monetary Policy Committee decided to raise the overnight deposit and lending rates and the Central Bank’s main operation rate by 600 basis points to reach 27.25%, 28.25% and 27.75%, respectively. The credit and discount rates were also raised by 600 basis points to reach 27.25%, 28.25% and 27.75%, respectively. 27.75%.

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