Business Today Egypt | October – November 2023, Special Edition

In Brief Egypt
CBE eases restrictions on traveler’s credit card usage
The Central Bank of Egypt (CBE) has announced
that it is lifting restrictions on credit card usage
abroad for travelers to facilitate the use of credit cards
for foreign currency transactions and limit difficulties
facing bank users.
The central bank shared that it decided to ease
restrictions as part of its broader efforts to support the
Egyptian economy and its citizens, and crack down on
the misuse of credit cards.
The CBE’s release explains that travelers will be
able to use their credit cards abroad without any
restrictions, as long as they notify their bank of their
travel plans and provide proof of their travel within
90 days.
Credit card users in Egypt must now prove that
they used their cards while traveling abroad and
submit proof of travel, such as departure and arrival
stamps on their passport or proof of their continued
stay abroad, to their issuing bank within 90 days of
notifying the bank.
If they fail to do so, their bank will alert the Egyptian
Credit Bureau (I-Score), which will then place them
on its “negative list.” This means that the card user
will be prohibited from issuing new credit cards or
benefiting from certain banking services.
The CBE’s decision to blacklist credit card users
who misuse their cards is part of its efforts to support
the Egyptian economy and prevent foreign currency
shortages.
In a prior statement released earlier this month, the
central bank directed banks to curb foreign currency
credit card limits.
The CBE instructed banks to require credit card
users to submit documents to their bank in order to
be able to use their credit cards for foreign currency
transactions abroad, and was issued due to some users
misusing their cards and withdrawing cash abroad
despite not traveling.
Trade deficit down by 22.3% in August to $3.8B: CAPMAS
Egypt’s trade deficit shrank by 22.3% in August 2023
to record $3.88 billion, compared to $4.99 billion during
the same month in 2022, according to a new report by
the Central Agency for Public Mobilization and Statistics
(CAPMAS).
Exports from Egypt declined by 1.9% to reach $3.36
billion during August 2023, compared to $3.43 billion
reported in August of last year.
Imports fell by 14%, reaching $7.24 billion at the end
of August, compared to $8.42 billion recorded in August
2022.
www.BusinessTodayEgypt.com
November 2023
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