In an attempt to strengthen the ailing Egyptian economy, the Central Bank of Egypt is to reportedly ban US dollar payments to Facebook, Google and other websites, according AlMasreyoon.com.
The move would be the latest measure taken to remedy Egypt’s dollar shortage, which has crippled the country’s capacity to import goods such as pharmaceuticals and fuel, as well as pushed the Egyptian Pound to record lows on the black market, reaching between 9 and 9.25 per dollar.
If the ban is indeed to be implemented, the restriction would have a near catastrophic effect on media outlets and agencies across Egypt, who have come to rely on Google Ads and Facebook ‘boosts’.
At Cairo Gossip, we have yet to find that ads that were initiated as recently as yesterday to be effected in any way.
By Kalam El Qahaira