Update: Central Bank says there is no ban on use of debit cards overseas. Egypt’s Central Bank denies it ordered banks to prevent all customers from using debit cards on their Egyptian pound accounts when they travel overseas, despite an earlier report by Reuters that contained statements from the Central Bank. According to the Central Bank’s Governor Tarek Amer, no changes have been implemented. Instead, a warning was simply sent to banks across Egypt that some people are using debit cards illegally to obtain foreign currency in large sums. The Central Bank’s Governor said that banks have policies in place to target such illegal activity and that this recent notice to banks warning them of illegal activity will not change anything when it comes to the use of debit cards overseas for everyday customers. “It is up to each bank to set limits on its clients’ usage of foreign currency abroad through debit cards linked to local currency accounts, but we need vigilance because some clients use debit cards to get large dollar amounts not intended for travel, tourism, or shopping,” Amer told MENA. In statements to Reuters, a central bank…
