According to bank regulations, the Central Bank of Egypt (CBE) instructed banks to open and activate the maximum credit limit granted to the credit card for use abroad when the customer contacts the customer service center and notifies them of traveling abroad.
The Central Bank noted that until the issuing bank gets information from the consumer to activate the credit limit on the card, each bank would set a monthly maximum credit card limit.
In a statement Tuesday, the Central Bank said the regulatory instructions are meant to meet the needs and facilitate the use of credit cards to cover travel expenses, especially in light of recent reports of speculators withdrawing cash from abroad without traveling.
Local banks stopped accepting debit cards for external transactions or cash withdrawals two weeks ago and confined them to local currencies.
Credit cards are still used overseas, but banks must be notified before departure. Each bank decides how to verify credit card holders’ travel and how much credit they may get based on wallet and card sizes.
Some experts predicted the nation may lower foreign currency “credit card” restrictions to $250 per month for clients.