URGENT: Egypt’s central bank cancels restrictions on FX credit cards

Egypt’s central bank told commercial banks on Wednesday to cancel restrictions imposed late last year on the use of credit cards for transactions in foreign currencies.

The move came after the Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) held a surprise meeting this morning to announce raising key interest rates by 6 per cent.

The announced measures have been adopted within the framework of a set of comprehensive economic reforms in coordination with the Egyptian government, and backed by the steadfast support of multilateral and bilateral partners.

“In preparation for the successful implementation of these measures, sufficient funding has been secured to avail foreign exchange liquidity.” the MPC statement read.