The Central Bank of Egypt (CBE) has announced an amendment to the regulations governing the use of credit cards overseas, aiming to simplify procedures for traveling customers while maintaining oversight on international transactions.
In a letter sent to banks on Tuesday, the CBE said it has decided to cancel Clause No. (2) of its circular issued on October 29, 2023, as amended on February 11, 2024. The cancelled clause previously required customers to provide proof of card use abroad, such as departure and arrival stamps within 90 days of the usage start date, or documents proving continued presence outside Egypt if the period was exceeded.
The central bank noted that banks still retain the right to monitor card activity to verify that transactions are conducted abroad. If customers fail to present supporting documents when requested, the card-issuing bank must follow the procedures outlined in Clause No. (3) of the October 2023 circular and adhere to the February 2024 amendments.
The CBE said the move is part of its continuous review of developments in international payment activity and its efforts to strike a balance between facilitating banking services for travelers and ensuring proper usage of cards abroad.
