Egypt restricts foreign currency credit card payments
The move comes after the central bank restricted debit card use abroad
The Central Bank of Egypt moved to restrict foreign currency transactions via credit cards on October 17. The central bank instructed commercial banks to impose a limit on foreign currency transactions and require customers to call ahead authorising the limited funds. The limit applies to both purchases made domestically and abroad.
The central bank said the move comes after it observed “speculators misusing these cards by making cash withdrawals from abroad without actually traveling”.
The
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