Central Bank of Egypt Implements New Regulations on Overseas Usage of Credit Cards

Central Bank of Egypt Implements New Regulations on Overseas Usage of Credit Cards

•  The Central Bank of Egypt (CBE) enforces new regulations targeting credit card users who fail to provide proof of international usage within 90 days, resulting in card suspension and listing on the i-Score platform.

•  Customers flagged by i-Score’s daily report will face restrictions on international card usage and will be ineligible for new cards or transactions abroad.

•  CBE emphasizes the importance of timely document submission, sending reminders to customers before their cards are suspended, as part of the regulatory framework introduced in October 2023 to manage credit card use for international travel amidst Egypt’s ongoing foreign currency shortage.

The Central Bank of Egypt (CBE) has introduced new regulations for customers who fail to provide proof of use for their credit cards abroad within 90 days of their last usage. 

Under these rules, the CBE will suspend the cards of such customers and list them on a platform managed by the Egyptian Credit Bureau i-Score and the CBE’s credit registration system.

Additionally, customers included in the daily report by I-score will be prohibited from using their credit cards abroad, and they will not be eligible for new cards or international transactions.

CBE has underscored the importance of sending text messages to customers as a reminder to submit the required documents within the stipulated 90-day period before their cards are suspended. 

These measures are part of the regulatory framework governing the use of credit cards for international travel, which was issued on 29 October 2023.

Egypt has been experiencing an escalating shortage of foreign currency for the past two years.

Despite this, according to Reuters, since March, it has maintained a fixed exchange rate with the dollar, despite a growing disparity compared to the black market rate. Last January, some Egyptian banks reduced foreign currency credit card spending limits, according to media reports.

The limits were reduced in some banks to USD100 from USD300, while the international purchase limits on Titanium cards to USD750 monthly, down from USD1,500. 

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