CBE Eases Restrictions on Credit Cards Usage Outside EgyptSource: www.export-egypt.com 10/25/2023, Location: Africa |
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The Central Bank of Egypt (CBE) has eased the restrictions on credit card usage abroad, allowing clients to use their cards without limits on hard currency withdrawals while being abroad.
Clients who are willing to use their debit cards outside Egypt are only required to call the client service of the issuing bank or visit any of the bank branches within 90 days of using their card abroad to show the departure and arrival stamps on the passport. They are also required to submit documents proving that they used the debit cards while being abroad in case their stay exceeds 90 days. The action comes in response to the complaints of clients of the difficulties they face in connecting with their banks to open the limits' the governement has set on hard currency withdrawals before traveling, the CBE explained. "Clients who do not comply with these instructions will be listed in the I-score list and will be deprived of issuing credit cards and of the banking services benefits in the future", the CBE warned. In a bid to hedge against the severe hard currency shortage in the local market, on 17 October the CBE set restrictions to limit credit card usage for transactions in foreign currencies abroad amid concerns of misuse. Accordingly, the CBE banned the use of debit cards abroad or in making hard currency transactions. The CBE set later in October a limit of $250 max per month for all purchases made in hard currency using the credit card abroad. Yet, clients were required to activate their cards for this max before traveling. The decision was made as the CBE has noticed recently a misuse of credit cards by withdrawing cash from abroad despite not traveling. It also came as a result of the severe hard currency shortage in Egypt, the issue that recently pushed two major global credit rating agencies to downgrade Egypt’s sovereign long-term credit rating, in addition to the government’s inability to fulfill its commitments to the International Monetary Fund for the $3 billion loan deal. |
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