The Central Bank of Egypt tightens controls on credit card use abroad

The Central Bank of Egypt (CBE) has issued new instructions to banks operating in Egypt, tightening the rules associated with credit card use outside the country. This comes after it was observed that a number of card users were making cash withdrawals abroad without leaving the country. In an official statement, the CBE emphasized that banks should only allow activation of the maximum credit limit provided to the credit card for overseas use if the card owner has verified their travels abroad in accordance with the bank's regulatory procedures. Until the bank receives this essential confirmation, users will be subject to a monthly maximum limit determined by each individual bank. These new regulations reflect the CBE's intent to ease the use of credit cards by citizens while they are travelling abroad. The move comes close on the heels of multiple banks suspending foreign currency cash withdrawals and purchases made outside the country using debit cards in early October, suggesting a wider trend of tightening controls on foreign transactions.