This means that holders of credit cards issued on or after December 21 will need to wait at least six months before making FX transactions, according to sources cited by local media
The Central Bank of Egypt (CBE) imposed restrictions on credit cards issued on or after December 21, regarding foreign exchange (FX) transactions, according to various media reports.
This means that holders of credit cards issued on or after December 21 will need to wait at least six months before making FX transactions, according to sources cited by local media.
However, cards issued prior to December 21 are exempt from the aforementioned restrictions.
Recently implemented foreign exchange regulations have imposed a monthly credit card limit of approximately EGP 7,750 on local currency transactions. For transactions conducted outside the country, customers are required to inform their banks about their travel plans in order to access their complete card limit.
Earlier in October, The Central Bank of Egypt (CBE) directed banks to impose controls on credit card use abroad. The maximum credit limit for international usage will only be activated once the cardholder notifies the bank of their travel plans. Until then, users will have a monthly limit determined by each bank.
This followed by another decision, in response to user complaints, the Central Bank of Egypt (CBE) has decided to relax restrictions on credit card usage limits for travelers. According to the CBE's announcement, travelers will be allowed to use their credit cards freely abroad, provided they inform their bank about their travel plans and provide proof of travel within 90 days.
