THIS EVENING: The Central Bank of Egypt loosens reins on credit card usage abroad

Good afternoon readers, and happy Thursday. We are glad that there is some slightly positive news to share on the local front.

THE BIG STORY TODAY

CBE to loosen restrictions on credit card use abroad: The CBE will allow credit card users access to their usual FX transaction limits without having to submit proof of travel prior to their trips, following complaints about the difficulties of reaching and communicating with banks before traveling, the CBE said in a statement this morning.

…and here comes the caveat: Customers will still have to provide proof that the card was used abroad within 90 days of returning to Egypt, or they would risk being banned from using or receiving credit cards in the future. Proving travel can be done either through arrival and departure stamps on passports or by sending proof of continued residency abroad if the trip exceeds those 90 days. In addition, customers will still need to notify their banks’ customer service departments before they travel.

THE BIG STORY ABROAD

The overnight raid on Gaza is dominating the conversation in the western news.The raid claimed 77 livesas Israeli Prime Minister Benjamin Netanyahu stated that he will not share more details about the time or approach used in the ground invasion of Gaza. (Reuters | Financial Times | Bloomberg | Wall Street Journal | CNBC)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• IMF chief Kristalina Georgieva thinks Egypt and the region will suffer an economic hit if there is a prolonged conflict in Gaza. “Investors are going to be shy to go to [these countries]. The cost of ins., if you want to move goods, they go up. Risks of even more refugees in countries that are already accepting more.”
• S&P Global has downgraded the long-term credit ratings of three local banks, a few days after it cut its rating on Egypt’s sovereign debt deeper into junk.
• Egypt has ambitious FDI targets: The government plans to increase annual foreign direct investment (FDI) to USD 25 bn within the next five years.

☀️ TOMORROW’S WEATHER- Looks like sunny weather with the mercury reaching a high of 30°C during the day and dropping to a cooler 24°C in the evening, according to our favorite weather app.