To maintain our credibility and the satisfaction and confidence of our esteemed customers, National Bank of Egypt (NBE) would like to advise that the difference between the value of transactions carried out abroad using NBE’s cards before the 3rd of November, 2016 and the actual value debited to the accounts of such cards is due to the fact that the said transactions were received by NBE following the date of liberalizing foreign currency exchange rates. NBE debits the relevant amounts to the cards’ accounts according to the applicable foreign currency exchange rates at the date of receiving the transactions. Such date is not determined by NBE but rather by the relevant merchant and correspondent bank. Both the merchant and correspondent bank are entitled to debit the transaction within a period ranging from 48 hours to 10 days from the date of the actual use of the card. Consequently, amounts were debited according to the applicable exchange rates, following the said liberalization, on the day of receiving the relevant transactions.
We appreciate your understanding of NBE’s position due to the current circumstances, the repercussions of which we hope would end soon after restoring stability to foreign currency exchange rates.
Best regards from NBE.