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 Central Bank of Egypt (CBE) decided on Wednesday morning to allow market forces to determine the value of the Egyptian pound (EGP), while simultaneously raising interest rates by 6 percent.

Egypt aims to increase foreign investments in the oil and natural gas sector by about 25% to $7.5 billion in fiscal year (FY) 2024/2025, from an expected investment of $6 billion in the current FY, Minister of Petroleum and Mineral Resources Tarek El-Molla told Asharq Business on the sidelines of Egypt Energy Show (EGYPES 2024).

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.