Global rating agency Standard & Poor's downgraded Egypt's sovereign rating to "B-" from "B", due to growing funding pressures on the country. Egypt suffers from record inflation, heavy government debt, and a devaluation of the pound.
The Central Bank of Egypt imposed on all banks operating in the country to stop using debit cards for customers abroad in foreign currencies, while continuing to use them at home for purchases and cash withdrawals in local currency, in light of the worsening dollar shortage crisis.
Egyptian banks have reduced the limit allowed to use foreign currency through credit cards abroad and online.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
