CBE: Opening the set usage limits according to each bank's policy for customers traveling abroad

The Central Bank of Egypt has decided to open the set usage limits according to each bank's policy for customers traveling abroad. This can be done through contacting the bank or visiting a branch without the need for any documents. This move aims to facilitate the use of credit cards for traveling citizens.

This was stated in a new announcement issued by the bank today regarding regulations on controlling the use of credit cards abroad.

The statement emphasized customers' need to provide proof of card usage while abroad, including departure and arrival stamps on the passport within a maximum period of 90 days from the date of opening the usage limits, or proof of the customer's continued presence abroad if the mentioned period is exceeded.

The statement further added that if the customer does not comply, the card-issuing bank must take the following actions:

• Suspend the card.

• Inform the Egyptian Credit Bureau (I-Score) to take necessary measures regarding these customers.

• Inform the Central Bank with the details of these customers on the list of customers prohibited from issuing credit cards, allowing the Central Bank to notify relevant authorities and take necessary actions regarding these customers.