2024-02-11

A circular dated December 24, 2023 regarding the supervisory controls of banks regarding combating money laundering and terrorist financing

In Cairo on February 11, 2024, the Governor of the Bank of Egypt and Chairman of the Bank Supervisory Committee announced a halt to the use of foreign-issued credit cards for travel abroad. The announcement follows an examination of foreign credit card usage regulations concerning overseas travel and follows discussions with stakeholders regarding restrictions on such cards. The Central Bank will monitor this closely, and in case the situation does not improve or worsens, additional measures may be taken. According to Al-Wolli, Governor of the Central Bank of Egypt, the decision was due to increased concerns about financial integrity and the potential risks posed by foreign credit cards.

Egypt

Central Bank of Egypt

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