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Egypt Post suspends foreign currency transactions through EasyPay cards

Egypt Post has suspended foreign currency withdrawals and purchases through EasyPay cards, according to SMSs sent to clients’ mobile numbers.
27.12.23 | Source: Ahram Online

EasyPay cards, available through Egypt Post offices nationwide, offer seamless transactions locally and internationally. Users can withdraw up to EGP 4,000 daily from ATMs, and EGP 35,000 from post offices, and enjoy a daily spending limit of EGP 35,000 with no monthly cap.

This prepaid card allows for a minimum deposit of EGP 100 EGP, with no minimum balance requirement. For international withdrawals, users can access $100 daily and $500 monthly with a 5 percent transfer fee and a fixed EGP 30 charge per transfer.

This move comes as the latest measure attempting to curb the pressure on foreign currency.

Earlier this week, a group of Egyptian banks suspended the use of newly issued credit cards abroad for up to six months as of the date of issuance.

Among the suspended cards are those issued by the National Bank of Egypt (NBE), Banque Misr, and the Commercial International Bank (CIB).

On 17 October, the Central Bank of Egypt issued new instructions to regulate the use of credit cards for transactions in foreign currencies abroad amid concerns of misuse.

Local banks had already suspended hard currency cash withdrawals and purchases made outside Egypt using debit cards on 9 October.

Egypt is currently experiencing a severe US dollar liquidity crunch as over $25 billion in hot money fled the local market since the beginning of the war in Ukraine.