CBE imposes restrictions on credit cards, FX transitions

CAIRO - 24 December 2023: The Central Bank of Egypt (CBE) has introduced new regulations affecting credit cards issued on or after December 21. These regulations specifically pertain to foreign exchange (FX) transactions, according to reports from various media sources.

Individuals holding credit cards issued on or after December 21 will be required to wait a minimum of six months before engaging in FX transactions. However, the restrictions do not apply to credit cards Issued prior to December 21. Under the recently implemented FX regulations, credit card users are subject to a monthly limit of approximately EGP 7,750 for transactions conducted in the local currency.

In October, the CBE had previously instructed banks to implement controls on credit card usage abroad. The maximum credit limit for international transactions would only be activated once the cardholder informed the bank about their travel plans. Until then, users would have a monthly limit determined by their respective banks.

In response to user complaints, the CBE has now decided to ease the restrictions on credit card usage limits for travelers. According to the CBE's announcement, travelers will be permitted to freely use their credit cards overseas if they inform their bank about their travel plans and provide proof of travel within 90 days.