Five Egyptian banks have imposed new restrictions on cash withdrawals and spending abroad amid the worsening foreign currency crisis, Bloomberg reported.

The Central Bank of Egypt (CBE) has issued rules for banks to set a limit on the use of credit cards for transactions in foreign currencies abroad.

The Central Bank of Egypt (CBE) has directed the banks operating in Egypt to halt the use of EGP debit cards abroad for foreign currency withdrawal or payment transactions for undetermined period.

The Arab African International Bank (AAIB) and Arab International Bank have suspended the use of Egyptian pound debit cards abroad for foreign currency withdrawal or payment transactions amid the current foreign exchange liquidity crunch.

Eastern Company (EAST) has abandoned the plan to invest in heated tobacco production lines in light of the country's lack of foreign currency.

Some of the steel manufacturers in Egypt were forced to shut down their factories and trim or stop production due to the lack of foreign currency needed to import raw materials.