Egypt central bank introduces rules on credit card use overseas
TLDR
- CBE implements regulations on credit card usage abroad
- Failure to provide proof of credit card transactions within 90 days results in consequences
- Consequences include card suspension and listing on Egyptian Credit Bureau platform
The Central Bank of Egypt (CBE) has introduced a set of measures aimed at regulating the usage of credit cards by Egyptian citizens when traveling abroad.
Under these new guidelines, customers who are unable to provide documented proof of credit card transactions during their overseas stays within a maximum period of 90 days will face several consequences, including the suspension of their credit cards and inclusion in a platform managed by the Egyptian Credit Bureau.
Violators of these regulations will not be eligible to obtain new credit cards, and the limits on their existing cards for international transactions will not be extended. Before the suspension of their credit cards, individuals failing to submit the required documents within the stipulated 90-day period will receive text messages notifying them of the impending action.
Points clés à retenir
The recent measures introduced by the Central Bank of Egypt (CBE) are in line with the guidelines on the use of credit cards for international travel purposes, which were issued by the bank on October 29, 2023. The primary objective of these measures is to ensure transparency, accountability, and responsible financial practices among credit card users. Card-issuing banks have been tasked with the responsibility of suspending the cards of customers who fail to comply with the established guidelines and notifying the Egyptian Credit Bureau accordingly. The CBE has taken these steps as part of its broader efforts to control the use of credit cards overseas, aiming to alleviate the severe dollar shortage that Egypt has been facing for nearly two years. By implementing stricter regulations, the CBE seeks to manage currency outflows more effectively and maintain stability in the country's foreign exchange market.
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