Cairo – October 17, 2023: The Central Bank of Egypt (CBE) has circulated new instructions for banks operating in Egypt to tighten controls on credit card use abroad amid concerns of misuse.
In an official statement, the central bank explained that it had come to their attention that card users were withdrawing cash abroad despite not traveling.
The missive directed banks to only open and activate the maximum credit limit granted to the credit card for use abroad once the card owner has contacted the bank, notifying them of their travel abroad in accordance with the regulatory procedures applied by the bank.
Until the bank receives confirmation from the card’s owner to activate this credit limit, users will be provided with a monthly maximum limit as determined by each individual bank.
The CBE’s statement explained that the new regulation was part of their efforts to facilitate the use of credit cards to cover citizens’ expenses while traveling abroad.
In early October, several banks suspended foreign currency cash withdrawals and purchases made outside Egypt using debit cards.