Egypt restricts foreign currency credit card payments

The move comes after the central bank restricted debit card use abroad

Central Bank of Egypt
The Central Bank of Egypt
Ibrahim.ID (https://bit.ly/46Kgl2i)

The Central Bank of Egypt moved to restrict foreign currency transactions via credit cards on October 17. The central bank instructed commercial banks to impose a limit on foreign currency transactions and require customers to call ahead authorising the limited funds. The limit applies to both purchases made domestically and abroad.

The central bank said the move comes after it observed “speculators misusing these cards by making cash withdrawals from abroad without actually traveling”.

The

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.