The Chairman of the Board of Directors of Banque Misr and Chairman of the Federation of Egyptian Banks, Mohamed al-Etreby, commented on the decision of the National Bank of Egypt and Banque Misr to increase the spending limits on their credit cards in foreign currency.

In a Monday evening phone-call with the “al-Hikaya” show on MBC Masr channel, he explained that the limits were raised from US$4,000 on the maximum credit card to $6,000 per month.

The Chairman of the Federation of Egyptian Banks added that bank customers traveling abroad are allowed to buy a maximum of $5,000 in cash from the bank every month.

“Every customer can go to the bank and buy a maximum of $5,000, after showing proof that they are traveling abroad, and if they have a credit card, they can spend up to $6,000, depending on the card’s rating.”

Etreby pointed out that these facilities come following the availability of foreign currencies in banks, in addition to the absence of the misuse of cards, after the dollar became one price in the market.

He also referred to an increase in remittances from Egyptians working abroad.