Measures have been taken by private banks to remove restrictions placed in connection with the use of credit cards issued by these banks operating in the country.
It has been prompted by the significant improvement in foreign exchange reserves in their possession in the recent past.
Accordingly, private banks have decided to provide their cardholders with higher spending limits on foreign trips.
These limits are raised in relation to the capacity of each cardholder, and last year the banks remained tight-fisted due to the non-availability of foreign currency.
The banks that issued credit cards imposed daily limits on the use of cards for payments abroad to preserve the limited amount of foreign currency in the country.
However, banking sources said the recent excess foreign currency liquidity in the local banking sector has enabled them to remove restrictions and give cardholders the freedom to spend on items up to their credit card limits.
Despite the lifting of the restrictions, card users must adhere to other regulatory guidelines when using their cards, including refraining from using their credit and debit cards for foreign exchange transactions, payments related to virtual currency transactions such as Bitcoin, and similar payments.
