CIB official explains decision to increase fees on abroad ATM withdrawals ...Egypt

Several Egyptian banks on Wednesday increased fees for using payment and credit cards abroad from three percent to six percent, while other banks resorted to restricting withdrawals abroad to specific values. According to Bloomberg Agency, this coincided with a clear shortage in hard currency, with the expectation of obtaining new financial support from the International Monetary Fund. The Acting CEO of the Retail Banking Sector at CIB Bank Rashwan Hammadi, one of the banks that raised the fees, explained, “In the past months, we found an unusual pattern in the way and volume of using cards outside Egypt compared to previous periods.” During a phone-in with “al-Hekaya” (The story) broadcast

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