HomeBusinessWhat is the reality behind the discontinuation of sterling prepaid cards?

What is the reality behind the discontinuation of sterling prepaid cards?

Although no official comment has been made yet, social media sites in Egypt have circulated the news that banks are being ordered to stop using prepaid cards in international transactions, whether for cash withdrawals or online purchases in any foreign currency.

Publications were circulated saying that the use of prepaid cards had been discontinued, whether for purchases online or outside of Egypt, in any foreign currency other than the Egyptian pound, and some banks confirmed this.

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While there has been no official comment or statement so far, informed sources in the banks told Al Arabiya.net on a directive in recent days to stop international transactions using prepaid cards outside of Egypt or for online purchases using valid debit cards. Linked to customer account, credit cards outside of Egypt and electronic payments.

Sources spoke of the buyer stopping and paying for any purchases made to him electronically (online), whether inside or outside of Egypt, in any foreign currency that is subject to international transactions due to transactions in a currency other than the local one.

Egypt has been facing a dollar shortage crisis since the first quarter of last year due to the withdrawal of foreign funds.

As part of negotiations with the International Monetary Fund, the fund stipulated that the Central Bank of Egypt should move to a flexible policy in the foreign exchange market. The price of the US dollar has risen at a record pace since March last year until now.

Over the past seven years, the Central Bank of Egypt has announced 4 major depreciations of the pound, the first of which was in November 2016, when it decided to reduce the pound from 8.88 pounds per dollar to 15.77 pounds per dollar. a decline of 78%, while official prices now reach more than 30 pounds per dollar.

Banks have also raised the fee for withdrawing cash outside of Egypt using ATMs to withdraw cash to 13% of the total transaction, ranging from 10% as a fee for currency exchange to 3% as a fee for using an external machine. except for additional fees up to 50 pounds for each transaction. My work pulls.

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