CBE Offers New Instructions to Facilitate Use of Credit Cards Outside Egypt

The Central Bank of Egypt has issued new instructions to facilitate the use of credit cards abroad. The main aim of these instructions is to overcome any difficulties that citizens may face while using their credit cards to cover expenses while traveling outside the country. Within a 90-day period from opening the full usage limits set for the credit card, bank customers must provide proof to their card issuing banks of their use of the card while traveling abroad. This proof could be through departure and arrival stamps on their passports. If a customer spends more than 90 days abroad, they must provide proof of their continued presence abroad. An economic expert, Ashraf Ghorab, explains that the new CBE guidelines were established to address hurdles faced by citizens when using credit cards to cover travel expenses. He added that these new regulations distinguish between individuals actually using credit cards abroad to cover their expenses and those misusing them to withdraw money in foreign currency while still in Egypt without traveling. The new measures from the Central Bank come after receiving complaints on the previous directive to stop the usage of direct debit cards abroad. These steps are also aimed at reducing dependence on black market transactions and preserving liquidity in foreign currencies.