2024-02-11

A circular dated February 11, 2024, supplementing the controls for using credit cards for purposes of traveling abroad

On February 11, 2024, the Governor of the Central Bank of Egypt will discuss the following: 1. The decision to suspend and remove travel credit card providers who fail to comply with the updated guidelines set by the Central Bank. A new travel credit card system or opening up the existing ones for eligible financial institutions should be considered. 2. The Central Bank's plan to halt international use of credit cards by registered banks as part of a broader effort to combat fraud, particularly in Egypt's tourism industry. 3. Emphasize that there is no change in the existing instructions, and the suspension or cancellation will only apply to violators who do not follow the new guidelines, with the aim of improving Egypt's tourism sector.

Egypt

Central Bank of Egypt

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