Report: Withdrawal Limits for Egyptian Travelers Lowered as Banks Seek to Conserve Scarce Forex
According to a report, some Egyptian banks recently informed clients who plan to travel abroad that they can now only withdraw $2,000 or less. The banks have also lowered the amount of foreign exchange that clients can withdraw when abroad. Egypt’s ongoing shortage of foreign exchange has forced some merchants to start demanding payment in dollars. Pound Depreciation As pressure against the Egyptian pound mounts, banks in the country are reportedly imposing limits on the amount of foreign currency travelers can withdraw before departing, or when they are abroad, a report has said. While there has been no formal announcement about the new limits, banks are said to have sent notices advising clients of the changes. According to a Reuters report, one of these banks, HSBC, has informed its clients that the maximum amount of foreign currency they can withdraw for travel purposes is now $1,500. Before the changes, the bank’s clients could withdraw a maximum of $5,000. The report, wh...