Arab Finance: The Central Bank of Egypt (CBE) has issued rules for banks to activate the maximum limit on the use of credit cards for transactions in foreign currencies abroad, as per a statement on October 17th.
Earlier this month, the bank 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.
The CBE’s decision came on the back of the persisting shortage of foreign currency.