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70% decline in payments of credit cards abroad within 3 months - Daily News Egypt

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70% decline in payments of credit cards abroad within 3 months

Foreign payments amounted to $226.7m at the end of March, $751.4m in the same period of 2016


The foreign electronic payments fell by 70% in the first quarter (Q1) of this year, recording $226.7m, down from $751.4mn in the same period last year, according to a statement by the Central Bank of Egypt (CBE).

The CBE said in a statement that the decline in payments using credit cards contributed to the decline in travel payments during Q1 of this year, reaching $448.3m compared to about $1.2bn in the same period last year. As a result, the travel balance achieved a surplus of $808.4m from January to March 2017 compared to a deficit of $641.2m during the corresponding period of 2016.

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https://ww.dailynewssegypt.com/2017/06/15/70-decline-payments-credit-cards-abroad-within-3-months/
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