The Central Bank of Egypt (CBE) has instructed local banks to lift the spending limit on foreign currency credit cards. The decision is part of a broader economic reform programme implemented by the CBE and the government, with the backing of international partners.
The move follows a period of restrictions implemented by the CBE throughout the past year to combat the misuse of credit cards for cash withdrawals abroad.
Under the previous guidelines, cardholders needed to inform their bank and provide proof of travel before using the cards overseas.
Cardholders, however, still need to submit proof of travel within 90 days to be able to use their cards abroad.
