Regulatory Alerts2022-12-22
Added · Updated
Circular dated December 20, 2022 regarding exempting some banking services from commissions
The circular instructs banks to notify customers that using credit or debit cards for transactions outside Egypt while remaining in the country, or obtaining foreign currency for travel without departing, is prohibited. Banks must review card usage and foreign currency requests for travel since December 1, 2022, and report any suspicious patterns indicating non-travel or misuse to the Central Bank's Credit Risk Aggregation Department. If misuse is confirmed, banks must suspend the card, notify the customer, and report the case to the Egyptian Credit Information Company (Score-I).