CBE directs Egypt-based banks to halt debit card use abroad
- Date: 09-Oct-2023
- Source: Mubasher
- Sector:Financial Services
- Country:Egypt
CBE directs Egypt-based banks to halt debit card use abroad
Cairo - Mubasher: The Central Bank of Egypt (CBE) ordered the lenders operating in the Arab Republic to suspend the use of debit cards outside the state, officials in the financial authority revealed.
One of the officials told “Asharq Business” that the CBE’s decision was due to the foreign currency shortage in the country despite devaluing the Egyptian pound three times since the beginning of 2022.
During a recent interview with Bloomberg, Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), highlighted that Egypt will “bleed” precious reserves unless it devalues its currency again.
Select Sector 
Select Country 
