The Central Bank of Egypt (CBE) released a series of measures meant to regulate the use of credit cards by Egyptians abroad. Under the new instructions, customers who fail to provide documented evidence of credit card use during their stay abroad within a maximum period of 90 days will be subject to a series of measures, including the suspension of their credit card and being listed on a platform managed by the Egyptian Credit Bureau.
Violators will not be eligible to receive new credit cards, nor will the limits on their existing cards be extended for international use.
Text messages will be sent to customers who fail to submit the necessary documents within the 90-day period, before the suspension of their credit cards.
These measures align with the CBE guidelines on the use of credit cards for international travel purposes, issued on 29 October 2023, the bank stated.
The guidelines establish a framework for the use of credit cards overseas and outline the necessary procedures in case of non-compliance.
The measures are intended to ensure transparency and accountability and promote responsible financial practices, the CBE said.
Card-issuing banks are responsible for suspending the cards of non-compliant customers and notifying the Egyptian Credit Bureau.
The CBE has recently taken several steps to control the use of credit cards overseas to alleviate the severe dollar crunch Egypt has been suffering from for almost two years.
The managing director of the International Monetary Fund stated on Sunday that the fund is in final-stage negotiations with Egypt to complete the first and second reviews of the ongoing $3 billion deal, along with a possible extra financial package to support the country's economy amid the repercussions of the Israeli war on Gaza.
