Regulatory Alerts2022-12-22
A circular dated December 20, 2022 regarding exempting some banking services from commissions
In Cairo on December 22nd, the Central Bank chairman pointed out that some credit and debit cards are being used in transactions outside Egypt despite the owners of these cards being within the country. Moreover, he highlighted that some individuals use foreign currency for travel outside Egypt without leaving the country. The chairman warned Egyptian banks to inform their clients about the ban on using credit and debit cards for those not leaving Egypt. This includes banning requests for foreign exchange transactions for traveling abroad without departing Egypt. Furthermore, Egyptian banks must review a sample of these card usage cases occurring outside Egypt as well as any suspicious circumstances involving currency exchange, which may indicate fraudulent activity. The Central Bank has requested Egyptian banks to stop dealing with the Score-I credit facility and take all necessary measures in this regard.