Bloomberg said the lifting of restrictions imposed on the customers’ credit card purchases overseas is an indication that the foreign currency crisis is easing. Egyptian banks imposed restrictions last year on the usage of credit cards. In a report on Wednesday, Bloomberg said these measures were considered to circumvent the official measures to promote the black market, which contributed to currency shortage. The devaluation of Egyptian pound, according to Bloomberg, increased the inflation by more than 30 percent. The crisis made officials balance between stimulation of growth and curtailing the price hikes.

Source: Egypt Independent May 11, 2017 09:22 UTC