Regulatory Alerts2023-10-29
Added · Updated
Circular dated October 29, 2023 regarding controls on the use of credit cards for purposes of traveling abroad
The Central Bank of Egypt requires banks to open credit card accounts for customers traveling abroad based on branch manager approval. Banks must monitor the duration of the customer's stay abroad, verifying it does not exceed 90 days via passport stamps or other documents, and must suspend the card if the stay exceeds this limit. Banks must report customer scores to the Credit Bureau, notify the Central Bank of these scores, and provide details of customers with negative credit scores to the relevant authorities.