{"id":608947,"date":"2023-10-29T00:00:00","date_gmt":"2023-10-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/29\/cbe-loosens-credit-card-restrictions-for-users-abroad\/"},"modified":"2023-10-29T00:00:00","modified_gmt":"2023-10-29T00:00:00","slug":"cbe-loosens-credit-card-restrictions-for-users-abroad","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/29\/cbe-loosens-credit-card-restrictions-for-users-abroad\/","title":{"rendered":"CBE loosens credit card restrictions for users abroad"},"content":{"rendered":"

The Central Bank of Egypt (CBE) has eased its restrictions <\/strong>on credit card use abroad<\/strong> that triggered a flight to the greenback and caused the EGP to weaken significantly in the parallel market.<\/p>\n

What\u2019s changing:<\/strong> Credit card users will no longer<\/a>need to submit proof of travel prior to leaving the country<\/a> but will need to notify their banks of their intention to travel. The new rules instead require users to provide proof that the card was used while abroad \u2014 by sending their bank arrival and departure stamps on their passports \u2014 within a 90-day period. Failing to do this will get you a black mark on your credit rating.<\/p>\n

Remember: <\/strong>Earlier this month, the CBE began limiting<\/a> the amount of FX credit card users could spend per month to the equivalent of USD 250. Under the rules, account holders are able to access their normal maximum limit only if they are outside of Egypt and provide proof of travel before leaving the country.<\/p>\n

Cue a rush to the greenback:<\/strong> When first announced, the restrictions sent the EGP plunging against the greenback in the parallel market as people rushed to acquire FX. The USD \/ EGP exchange rate weakened to 48 from 42 in less than a week, Bloomberg<\/a> reported Thursday, citing data from what it said was a number of traders.<\/p>\n

The USD weakened against the EGP on Thursday following the <\/strong>announcement<\/strong>, according to traders, who said that the currency was changing hands to 43-44 \/ USD compared to 48 on Wednesday.<\/p>\n

Remember:<\/strong> The credit card restrictions came a few days after most banks began blocking the use of<\/a>EGP debit cards abroad<\/a> as the central bank moved to stem outflows of FX.<\/p>\n

What they said:<\/strong> \u201cEgypt is in a catch-22 situation. USD shortages are prompting policymakers to restrict access to foreign currency \u2026 But these restrictions could prompt people to hoard USD, increasing their scarcity, and weakening the EGP in the black market,\u201d Bloomberg\u2019s chief EM economist Ziad Daoud said. <\/p>\n","protected":false},"excerpt":{"rendered":"

The rule change comes following significant volatility in the parallel currency market that saw the EGP fall to a record low against the greenback<\/p>\n","protected":false},"author":1,"featured_media":608948,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7350],"tags":[204,271,1419,72,2234],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-central-bank-of-egypt","tag-egp","tag-enterpriseam","tag-foreign-exchange","wpautop","entry"],"acf":{"mongo_id":"1e47177c-5303-472c-a810-72f84824becc","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1343.jpg","photo_position":"above","homepage_title":"","full_issue_title":"CBE loosens credit card restrictions for Egyptians abroad","related_issue":[608942],"teaser":"The rule change comes following significant volatility in the parallel currency market that saw the EGP fall to a record low against the greenback","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.74fe8a57-6b5e-4e74-8bac-3a4eda0ca406.mp3"},"yoast_head":"\nCBE loosens credit card restrictions for users abroad - 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You can\u2019t use it for FX purchases for six months.","author":"enterpriseam admin","date":"24 December 2023","format":false,"excerpt":"The move comes in response to a recent surge in credit card issuances","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1522.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":613765,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/21\/nbe-becomes-the-latest-bank-to-cut-credit-card-fx-limits\/","url_meta":{"origin":608947,"position":2},"title":"NBE becomes the latest bank to cut credit card FX limits","author":"enterpriseam admin","date":"21 January 2024","format":false,"excerpt":"The cuts come amid a push by the central bank to curb FX spending","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1662.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":613342,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/14\/cib-adib-cut-credit-card-limits-on-fx-spending\/","url_meta":{"origin":608947,"position":3},"title":"CIB, ADIB cut credit card limits on FX spending","author":"enterpriseam admin","date":"14 January 2024","format":false,"excerpt":"The central bank has been tightening its grip on FX transactions in recent months","rel":"","context":"In \"Abu Dhabi Islamic Bank\"","block_context":{"text":"Abu Dhabi Islamic Bank","link":"https:\/\/enterpriseam.com\/egypt\/tag\/abu-dhabi-islamic-bank\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/800.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549943,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/09\/major-local-banks-set-withdrawal-limits-on-using-debit-and-credit-cards-abroad-cbe-reportedly-mulls-allowing-ndfs-to-trade\/","url_meta":{"origin":608947,"position":4},"title":"Major local banks set withdrawal limits on using debit and credit cards abroad + CBE reportedly mulls allowing NDFs to trade","author":"enterpriseam admin","date":"9 October 2022","format":false,"excerpt":"At least four major banks have in recent days imposed limits on foreign exchange use in what pundits say is a move to conserve hard currency. The changes come at the same time as the central bank is reportedly debating whether to allow the introduction of on-shore non-deliverable forwards (NDFs)\u2026","rel":"","context":"In "FOREIGN EXCHANGE"","block_context":{"text":"FOREIGN EXCHANGE","link":"https:\/\/enterpriseam.com\/egypt\/category\/foreign-exchange\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/150.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":608882,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/this-evening-the-central-bank-of-egypt-loosens-reins-on-credit-card-usage-abroad\/","url_meta":{"origin":608947,"position":5},"title":"THIS EVENING: The Central Bank of Egypt loosens reins on credit card usage abroad","author":"enterpriseam admin","date":"26 October 2023","format":false,"excerpt":"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 TODAYCBE to loosen restrictions on credit card use abroad: The CBE will allow credit card users access to their usual FX transaction limits without having\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=608947"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608947\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/608942"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/608948"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=608947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=608947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=608947"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=608947"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=608947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}