Regulatory Alerts2022-12-22
A circular dated December 22, 2022 regarding controls on the use of credit and debit cards and the management of currency for the purposes of traveling abroad
In December 2022, the head of Banking Regulation alerted that some credit and debit cards were being used outside Egypt by customers holding those cards inside Egypt. The central bank also mentioned that some people are using these cards without leaving the country, and there is a need to report these occurrences to banks. Starting from December 2022, it is mandatory for banks to inform clients of the prohibition of repeated or suspicious card use outside Egypt and those who travel outside the country with their cards. The central bank also requires banks to report any such incidents continuously, including any other similar cases. They will take legal action against anyone found using a credit or debit card without traveling outside the country or misusing it, and the Egyptian Credit Bureau (Score-I) must implement all necessary measures in this regard.