05:34 PM Monday, March 11, 2024
Written by Manal Al-Masry:
Banks began providing dollars to customers with the aim of paying educational expenses or treatment outside Egypt in response to the directives of Hassan Abdullah, Governor of the Central Bank of Egypt, after the decision to liberalize the exchange rate, according to what two bankers who spoke to Masrawy said.
Hassan Abdullah directed the banks last Wednesday to work on securing dollars for clients, especially for the purpose of education and treatment outside Egypt, in addition to raising the limits of transactions using credit cards outside and inside Egypt.
This coincided with the Central Bank’s announcement last Wednesday to liberalize the exchange rate and leave the determination of its value against the pound to the supply and demand mechanism, with the aim of eliminating the gap in the black market for currency trade, and the abundance of foreign exchange resources in banks and money exchanges.
The vice president of international transactions at a private bank, who requested to remain anonymous, said that the bank began arranging requests for dollars for its clients for the purpose of treatment or education outside Egypt after the abundance of foreign exchange resources in the banks.
He explained that the bank agrees to transfer dollars to clients to pay study or treatment expenses at the expense of the university or hospital once the documents proving this are submitted without delay.
Banks had placed restrictions on obtaining dollars for clients during the last two years due to the spread of the black market for currency trade and the decline in foreign exchange resources due to the negative consequences of the Russian-Ukrainian war.
Mohamed El-Etreby, head of the Bank of Egypt and the Union of Banks, had previously told Masrawy that banks are witnessing large inflows of foreign exchange from foreign and local institutions and individuals after the decision to liberalize the exchange rate.
Three heads of the Al-Ahly, Cairo and Misr exchange companies told Masrawy earlier that the movement of customer concessions on the dollar and the rest of the foreign exchange is high after the liberalization of the exchange rate and the stagnation of the parallel market for currency trade.
A branch manager at a government bank said that the banks opened the limits of credit cards for customers, especially for students studying outside Egypt or for the purpose of treatment, without restrictions.
He explained that the return of foreign exchange resources to banks contributed to increasing foreign exchange resources and managing currency for customers with greater flexibility.
A number of banks announced the lifting of purchase and cash withdrawal limits using credit cards, starting last Thursday, whether outside or inside Egypt, including the National Bank of Egypt, the Arab African International Bank, and the International Commercial Bank.
Meanwhile, the Commercial International Bank announced today that it has raised the limits of Credit Cards for the second time in a row within 4 days, whether for purchases inside or outside Egypt or for cash withdrawals.
2024-03-11 15:34:00
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