Khaled Ibrahim, the Chairperson of the CIT Chamber, said that the decision would affect the competitiveness and growth of Egyptian ICT companies, which rely on foreign currency transactions to pay for their services and products. This would undermine the Egyptian ICT industry and affect Egypt's ranking in various international indicators related to business and ICT. Meanwhile, mobile phone operators have informed their customers via text message that foreign currency transactions have been suspended through electronic payment wallets. The companies said that the online payment card can only be used for local transactions in Egyptian pounds. Sources in the mobile companies said that they have followed the CBE's decision, which was applied to the four mobile operators.

Source: Daily News Egypt October 13, 2023 06:37 UTC