CBE Implements New Measures to Limit Credit Card Use Abroad

The Central Bank of Egypt (CBE) has issued new instructions aimed at regulating foreign currency transactions made with credit cards abroad. The decision is a response to instances of unauthorised cash withdrawals from overseas locations, even when cardholders have not travelled, revealed the CBE.

Under the new instructions, customers are required to inform their respective banks about their travel plans to activate the maximum credit limit assigned to their cards for use abroad. This measure ensures that cardholders can access funds while overseas while minimizing the risk of unauthorized transactions.

To further manage domestic transactions, banks have started notifying customers about transaction limits within Egypt. For instance, state-owned National Bank of Egypt (NBE) has limited domestic transactions to a maximum equivalent of USD 250 per month.