The Central Bank of Egypt announced new regulations to credit card transactions in foreign currency, restricting use inside Egypt to facilitate using the full capacity of the card abroad.
The CBE said that the reason of the decision is that people undertaking foreign currency withdrawals without actually being abroad.
Accordingly, domestic foreign currency spending limits will be decided by each bank, and the full credit limit of the card can only be used in foreign currency by informing the bank’s call center of travel abroad and spending in foreign currency will be limited to USD 250 (EGP 7725) per month.
This move comes shortly after Egypt suspended debit card use in foreign currency and restricted cash withdrawals earlier this month.
