Negm explained that banks spotted many types of card misuse abroad, and they informed the CBE to take the necessary steps. Banks added restrictions on the use of electronic cards abroad, even if the costumer has more than one card at one bank. Negm ruled out the rumours about the Egyptian citizens who bought properties worth $1.2bn in the United Arab Emirates using Egyptian banks cards, stressing that something like this would be difficult to realise. He added that the banks spotted a marked increase in Egyptians living abroad using their Egyptian bank cards, rather than relying on their salaries. He refused to reveal the number of and the type of cards that have been suspended over the past period.

Source: Daily News Egypt October 18, 2016 14:15 UTC