Regulatory Alerts2016-02-15
Circular dated February 14, 2016 regarding POS devices
The letter, dated February 14, 2016, is addressed to the Chairman of the Board of Directors of a bank in Egypt. It refers to Article 111 of the Law of the Central Bank of Egypt and the Banking System, which states that transactions in Egypt must be conducted in Egyptian pounds unless otherwise specified. The writer has noticed that some retailers have been offering discounts on purchases made with local currency credit cards through POS machines. The letter requests that the software on POS machines be updated to prevent discounts in foreign currencies for purchases made with Egyptian bank-issued credit, debit, or prepaid cards.
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