Egyptian state-owned bank, Banque Misr, launched a brand-new debit card that enables United States dollar deals approximately USD 20,000 (EGP 618,058) monthly, according to an Ahram Online report released on 30 January.
The Visa Platinum card, which likewise works locally, enables a day-to-day limitation of USD 1,000 (EGP 30,902) and stands as much as 5 years after its issuance.
To get the card, clients need to pay an issuance cost of USD 20 (EGP 618) and a yearly cost of USD 10 (EGP 308), together with a minimum deposit of USD 100 (EGP 3,089)
Utilizing the card in a currency aside from the United States Dollar will likewise sustain a 10 percent currency “management commission” charge, the report checks out.
The card plans to target residents and immigrants who are wanting to broaden their United States Dollar deal limitation because of current limitations by the Central Bank of Egypt (CBE).
Soon after the break out of Russia’s intrusion of Ukraine in 2022, Egyptian banks started carrying out constraints on charge card costs in foreign currencies. This was to resolve issues about the nation’s diminishing foreign currency reserves.
On 9 October 2023, the CBE purchased banks to stop money withdrawals and foreign purchases utilizing debit cards. These steps intended to minimize pressure on foreign currency reserves and avoid debit card exploitations abroad from black market sellers, who would withdraw foreign currencies abroad to offer in Egypt.
In addition, charge card costs limitations were tightened up for worldwide deals, and once again on 11 January to as low as USD 50 (1,544) each month for particular accounts.
The black market presently values the United States dollar at above EGP 70, while the nation’s main currency exchange rate stays near EGP 31 per dollar.
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