NBE cancels limits on credit cards usage abroad: bank’s Vice President

CAIRO – 1 May 2017: National Bank of Egypt (NBE) has canceled limits on Egyptians' use of credit cards abroad, NBE’s Vice president Yahia Abo el-Fottoh told Egypt Today on Monday.

Abu el-Fottoh added that the bank has taken this step after the dollar reserves have witnessed an increase since the flotation decision taken by the Central Bank of Egypt (CBE) last November.

NBE is the oldest and largest commercial banks in Egypt, with total assets at 703 billion EGP, as announced by the bank in June 2016. The bank represents 24.7% of the Egyptian banking sector’s market share.

The bank approved import facilities at $7.5 billion (140 billion EGP) since the flotation, including opening Letters of Credit and documentary collection for both private and public sector.

NBE is the second bank in Egypt to cancel limits on credit cards usage abroad after the Commercial International Bank (CIB) announced the same last week.

In 2016, NBE and CIB have introduced limits on the usage of debit and credit cards abroad, in response to the Central Bank of Egypt’s (CBE) instructions to local banks.

CBE tired to control and regulate the use of credit and debit cards abroad in an attempt to stop their use for illegal currency trading purposes amid the lack of hard currency crisis in the Egyptian market since 2011.