Egypt’s gov’t refutes reports that it had banned use of debit cards abroad
The Central Bank of Egypt has refuted reports that it ordered banks to ban the use of debit cards abroad.
In a letter sent on Wednesday and seen by Reuters, the central bank had told bank chiefs to ensure that debit cards, including pre-paid cards, were only used within the country. On Thursday however, the bank indicated that debit card use was allowable for those using them in a regular way as opposed to individuals carrying out massive transactions.
The move was instituted to combat the country’s acute foreign currency shortage.
Egypt depends on imports for everything and has suffered a deficit of dollars since a 2011 unrest drove away tourists and foreign investors who crucial sources of hard currency.