Egyptian Overseas Cash Withdrawals Banned by Some Banks Amid FX Crunch.

Several Egyptian banks have implemented new restrictions on overseas cash withdrawals and spending due to the country's severe foreign currency shortage. Al Baraka Bank and EG Bank have completely halted international cash withdrawals, while other banks like Commercial International Bank, Abu Dhabi Islamic Bank, and First Abu Dhabi Bank Misr have reduced daily and monthly limits to as low as $50. These measures reflect the ongoing economic crisis in Egypt, as the government struggles to implement an IMF-backed reform program and faces the possibility of another devaluation of the Egyptian pound. The IMF is currently in discussions with Egypt regarding a potential increase in their loan, as the country deals with economic challenges stemming from the Israel-Hamas conflict and attacks on Red Sea shipping. However, another devaluation could exacerbate inflation, which has already reached a record high of 38% in the past year. [Extracted from the article]