The Central Bank of Egypt directs banks to suspend debit card use in foreign currencies abroad

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The Arab African International Bank (AAIB) and Arab International Bank reportedly suspended the use of Egyptian pound debit cards abroad for foreign currency withdrawal or payment

Staff Writer, Arab Finance

October 10, 2023

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The Central Bank of Egypt (CBE) has directed the banks operating in Egypt to halt the use of EGP debit cards abroad for foreign currency withdrawal or payment transactions for an undetermined period, chairmen of four banks told Asharq Business on October 9th.

The CBE’s decision came on the back of the persisting shortage of foreign currency and customers' misuse of debit cards abroad, one source said.

Earlier in October, the Arab African International Bank (AAIB) and Arab International Bank reportedly suspended the use of Egyptian pound debit cards abroad for foreign currency withdrawal or payment transactions amid the current foreign exchange liquidity crunch.

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