Thndr _ At least 5 Egyptian banks are clamping down on spending abroad due to the country’s foreign currency shortage.
What: Al Baraka Bank and EG-bank have completely stopped foreign cash withdrawals, while others like Commercial International Bank (CIB) and Abu Dhabi Islamic Bank (ADIB) have reduced limits to USD 50.
So What: This move reflects Egypt’s ongoing economic challenges as the government aims to implement a reform program backed by the International Monetary Fund, as per Asharq Business.
Now What: Many economists expect another devaluation of the EGP in Q1-23, according to the same source. This would make it the fourth devaluation since early 2022.
