Report: Withdrawal Limits for Egyptian Travelers Lowered as Banks Seek to Con...
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.....
Related News
All of this goes to show the situation in Venezuela is more troublesome than many people assumed. As if the financial situation in Venezuela isn’t bad enough, bank ATM withdrawal limits have been restricted. Every bank customer can withdraw US$5 worth of Bolivars per day from now on. Going to the bank teller behind the counter is subject to the same limits. Not a positive development by any means and the situation will only grow worse. These new guidelines were designed to go into effect as of December 1, 2016. Several Venezuelan banks are already enforcing these new limits without prior....
CEX. IO halves minimum limits for US Dollars withdrawals and introduces Individual Business and Corporate accounts. CEX. IO Bitcoin Exchange announces decreasing fees for withdrawals in USD and EUR, as well as lowering minimum limits for respective withdrawals. From now on, CEX. IO users will be able to withdraw their fiat earnings with better conditions, being charged a considerably lower commission. Thus, a fee for withdrawing US Dollars via bank transfer has decreased from $50 to $35 per transaction. Meanwhile, withdrawal cost in EUR remains only €10 within an ordinary SWIFT withdrawal,....
Egyptian banks are reportedly on course to launch a $69.6 million fund which is earmarked to support the country’s fintech companies. According to a report, this fund is expected primarily to target the digital banking and financial services sector.
Fintech Apps Targeted
Fintech apps that can extend banking and financial services to all segments of society in a cost-effective way will also be targeted. So far, only the National Bank of Egypt, Banque Misr, and Banque du Caire have been identified as the financial institutions that are participating in this initiative.
....
Added comment from Yacuna regarding changes to deposit and withdrawal limits for unverified customers. UK-based cryptocurrency exchange Yacuna has waived all trading and withdrawal fees in a bid to boost the ecosystem, the firm says. In a statement on the move, Yacuna CEO Andrei Martchouk said: 'We want to support blockchain technologies until they dominate the market and do not wish to leech on our customers in the current environment.' The only fees now in place are those that apply for speedier methods of fiat bank deposits, details of which can be found here. Deposit and withdrawal....
The Egyptian pound recently became the latest currency from the African continent to see its value versus the greenback slump to a record low. The pound’s fall came amidst reports suggesting the Egyptian government is hoping to strike a loan deal with the International Monetary Fund (IMF) within a month or two.
Egyptian Pound Still Overvalued
The Egyptian pound has become the latest African currency to depreciate to a record low versus the U.S. dollar, after it slipped to an exchange rate of 19.6736 for every greenback on October 4. Before this, the currency’s....