Regulatory Alerts2024-02-11
Added · Updated
Circular dated February 11, 2024, supplementing the controls for using credit cards for purposes of traveling abroad
The Central Bank of Egypt mandates the immediate suspension of credit card usage abroad for customers who have not complied with documentation requirements within 90 days of the opening of usage limits. Issuing banks are required to blacklist these customers in their internal systems and the Central Bank's credit registry, and are prohibited from issuing new cards or increasing existing limits for these individuals. This measure supplements previous controls established by the circular dated October 29, 2023, regarding foreign travel credit card usage.