Cairo – Mubasher: Egypt's largest listed bank, Commercial International Bank, has tightened limits on pound-linked debit cards used overseas for third time in October and for fifth time since the beginning of 2016
Egypt's ability to import has been hampered since a 2011 uprising drove away tourists and foreign investors, both crucial sources of hard currency.
The country's foreign reserves fell to $16.564 billion in August from around $36 billion before the revolution.
The central bank has been rationing dollars through weekly sales, keeping the Egyptian pound artificially strong at 8.78 per dollar.
Last August and September in row, CIB cut cash withdrawals in foreign currency from its local debit cards used abroad as well as reduced the amount that customers can charge purchasing goods abroad using debit cards
CIB cut Classic cardholders' and Titanium cardholder’s maximum purchase limits and monthly cash withdrawal limits in foreign currency.
In early August the bank reduced its withdrawal and purchasing limits using foreign currency from local debit cards and credit cards by around 50 percent and then by around 60 percent in mid-August.
