Egypt central bank introduces rules on credit card use overseas

Key Takeaways

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.