Egyptian Banks Suspend Debit Card Use Abroad Amid Foreign Currency Shortages
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Egypt's largest banks have suspended debit card withdrawals and purchases in foreign currency to mitigate a foreign exchange crunch.
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The suspension applies to debit card withdrawals and purchases in foreign currencies, but not yet to credit cards or bank accounts.
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The move aims to curb capital flight as many were using debit cards to exchange foreign currencies on the black market.
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The suspension raises concerns for Egyptians' ability to pay for online purchases and will hurt freelancers and small businesses.
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It comes as Egypt faces high inflation, a weakened currency, and an economic slowdown ahead of presidential elections in December.