{"id":612494,"date":"2023-12-24T00:00:00","date_gmt":"2023-12-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/got-a-new-credit-card-this-morning-you-cant-use-it-for-fx-purchases-for-six-months\/"},"modified":"2023-12-24T00:00:00","modified_gmt":"2023-12-24T00:00:00","slug":"got-a-new-credit-card-this-morning-you-cant-use-it-for-fx-purchases-for-six-months","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/got-a-new-credit-card-this-morning-you-cant-use-it-for-fx-purchases-for-six-months\/","title":{"rendered":"Got a new credit card this morning? You can\u2019t use it for FX purchases for six months."},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>No FX for you: <\/strong>Credit cards issued on or after 21 December will come with asix-month bar on FX transactions \u2014 both at home and abroad \u2014 per recent verbal instructions from the Central Bank of Egypt, several banking sources told Enterprise. Under the new rule, credit card users will have to wait for six months or until further notice before using their FX quota, which stands at the equivalent of EGP 7,750 at most banks for foreign currency transactions executed in Egypt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale: <\/strong>The CBE\u2019s move came to guard against draining FX liquidity after banks started seeing a surge in credit card issuances, one source said. The rules close another loophole for businesses and individuals trying to bypass restrictions <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e68118bf-ed08-46df-a7d6-46dc4559afec\" style=\"\" rel=\"noopener\">introduced<\/a> by the central bank in October on credit cards FX transactions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Older cards are in the clear:<\/strong> The restrictions don\u2019t apply to cards issued before 21 December.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The latest foreign exchange controls put monthly credit card limits on local FX transactions at the equivalent of EGP 7,750. For transactions abroad, customers <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e47177c-5303-472c-a810-72f84824becc\" style=\"\" rel=\"noopener\">must notify<\/a> their banks of their travel plans to gain access to their full card limit. They must also provide proof of using their cards abroad \u2014 by sending their bank arrival and departure stamps on their passports \u2014 within a 90-day period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There isn\u2019t much FX liquidity in the banking system. <\/strong>Net <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/58e9ec1e-7921-4ec2-8a7a-861d5c2dca6a\" style=\"\" rel=\"noopener\">foreign assets in commercial banks<\/a> were at negative USD 15.9 bn in October, according to the most recent data from the central bank.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The move comes in response to a recent surge in credit card issuances<\/p>\n","protected":false},"author":1,"featured_media":612495,"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":[204,271,72,2234],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-central-bank-of-egypt","tag-enterpriseam","tag-foreign-exchange","wpautop","entry"],"acf":{"mongo_id":"42e7bef5-11d5-451a-a2cf-977c0a9d98dc","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1522.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Central Bank of Egypt says newly-issued credit cards can\u2019t be used for foreign currency transactions for six months after issuance","related_issue":[612483],"teaser":"The move comes in response to a recent surge in credit card issuances","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.4b3c54e0-142e-4af1-a2b4-cba36a18db34.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Got a new credit card this morning? You can\u2019t use it for FX purchases for six months. - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/got-a-new-credit-card-this-morning-you-cant-use-it-for-fx-purchases-for-six-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Got a new credit card this morning? 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&quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/711.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":670048,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/13\/banks-are-loosening-up-fx-restrictions-as-abdalla-nears-end-of-current-term\/","url_meta":{"origin":612494,"position":4},"title":"Banks are loosening up FX restrictions as Abdalla nears end of current term","author":"enterpriseam admin","date":"13 August 2025","format":false,"excerpt":"Higher reserves from tourism, remittances, exports, and portfolio investments are giving lenders room to cut markups and loosen restrictions on overseas card use","rel":"","context":"In &quot;Banking&quot;","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/1944.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595868,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/08\/cbe-issues-regulations-for-foreign-currency-exports\/","url_meta":{"origin":612494,"position":5},"title":"CBE issues regulations for foreign currency exports","author":"enterpriseam admin","date":"8 August 2019","format":false,"excerpt":"REGULATION WATCH- CBE issues regulations for foreign currency exports: New banking regulations will require banks wanting to export and import foreign currency to apply for a 12-month license in January every year, according to a CBE statement (pdf) released yesterday. The CBE said banks have six months from the date\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612494","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=612494"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612494\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/612483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/612495"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=612494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=612494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=612494"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=612494"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=612494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}