The Central Bank of Egypt has directed local banks to stop allowing customers to use their debit cards for transactions abroad. This decision comes amidst economic challenges, including a shortage of foreign currency. While the exact duration of this restriction is unclear, major banks have started informing customers via text messages. The aim is to stabilize the country’s economy.
Here’s what you should know about these decisions and how it will affect you:
No International Transactions:
Customers can’t use their debit cards for purchases or withdrawals outside Egypt.
Egypt is facing economic difficulties, and this measure is taken to address these challenges.
Banks Informing Customers:
Banks like Commercial International Bank Egypt, Arab Bank, and others are sending messages to inform customers about this change.
Customers should pay attention to updates from their banks for any further changes. During this period, they might need to explore alternative ways for international transactions.
This temporary restriction is to ensure the stability of the country’s economy. Customers are encouraged to follow their bank’s guidance and adapt to alternative payment methods for international transactions.