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

Cairo on: February 11, 2024

Dear Mr./Chairman of the Board,

Greetings,

With reference to the circular letter dated October 29, 2023, regarding the controls for using credit cards for the purpose of traveling abroad, which resulted in the establishment of controls for using credit cards outside the country and determining the measures to be taken in case of non-compliance, and in light of the Central Bank's monitoring of developments in this regard, I would like to emphasize the following for the attention of those who did not comply with the use of cards during the period of their availability abroad for a maximum period of 90 days from the date of opening the usage limits:

1. Suspension of the credit card and blacklisting the customer by the issuing credit card company in this regard, as well as in the Central Bank's credit registration system.

2. Banks are committed to suspending the use of credit cards abroad for customers listed in the daily report prepared by the issuing credit card company for the blacklist.

3. Prohibition of issuing new credit cards, or opening limits for existing cards for use abroad for customers listed in the aforementioned blacklist.

This is without prejudice to the issuance of notices to customers in case of non-compliance with the complete and timely documents mentioned, as well as cards.

We appreciate your cooperation in directing towards compliance with the above.

And remain with the highest respect,

Tarek Al-Awl