CAIRO, Oct 17 - Egypt's central bank told commercial banks on Tuesday to restrict customers from using credit cards for transactions in foreign currencies both domestically and abroad, the second time in a week it has cracked down on plastic.
"In light of what has been seen recently of some speculators misusing these cards by making cash withdrawals from abroad without actually travelling, instructions have been issued to banks to open and activate the maximum credit limit," the central bank said in a press release.Egypt has been facing a worsening foreign currency shortage over the last two years. Since March it has kept its currency fixed against the dollar despite a widening gap with the black market rate.
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