2023-10-20 19:20:35
Cancellation of direct debit cards in banks. The economist and member of the Egyptian Society for Political Economy, Dr. Atef William Andrews, said that the decision to cancel the use of credit cards in foreign currency transactions was not surprising, especially with the existence of a precedent that included setting limits for cash withdrawal and canceling transactions with prepaid cards outside the country. Egypt.
Cancellation of direct debit cards in banks
Economist and member of the Egyptian Society for Political Economy, Dr. Atef William Andrews, indicated in statements that the decision to cancel the use of credit cards in foreign transactions in foreign currency was not surprising.
He explained that this measure aims to rationalize the use of foreign exchange in light of the scarcity of resources and their inadequacy to meet the increasing demand for foreign exchange, in addition to combating the misuse of these cards.
Some people used them to withdraw from abroad and then sell the amounts on the black market. There were cases where cards were sent to conduct transactions in foreign currencies without traveling, which negatively affected the banks’ foreign currency resources.
Available alternatives
The economist and member of the Egyptian Society for Political Economy, Dr. Atef William Andrews, pointed out that there are alternatives available to the debit card in settling external payments. These alternatives include:
Credit Cards: Credit cards can be used to settle external payments, but it must be taken into account that these cards come at a very high cost, and it is possible that a similar decision will be issued for debit cards in Egyptian pounds in the future. Opening a bank account in foreign currencies: Individuals can open a bank account in foreign currencies and obtain a bank card parallel to this account, which is used to settle transactions abroad. Related articles
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