Facing a hard currency shortage, Al Baraka Bank Egypt and EG-Bank have joined other Egyptian banks in temporarily restricting international credit card cash withdrawals. For international purchases, EG-Bank caps credit card spending at EGP 3,000, while Al Baraka allows higher transactions of EGP 7,750. To protect valuable foreign currency, Egyptian banks have clamped down on overseas spending using Egyptian credit cards. Last week, the Commercial International Bank (CIB), Egypt’s largest private bank, announced that it has reduced foreign currency withdrawal and purchase limits for its credit cards. CIB caps monthly foreign currency purchases at EGP 15,000 for entry-level cards and EGP 100,0
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