Banks Suspend Foreign ATM Withdrawals, Reduce Credit Card Limits

Some private commercial banks have decided to halt all cash withdrawals from their cardholders outside Bangladesh. Additionally, a few of these banks have chosen to reduce the credit card limits for their customers. Banks Suspend Foreign ATM.

Many banks have refrained from notifying their customers directly, explaining that the move was prompted by the unusually high daily withdrawal activity in certain foreign countries.

Banks Suspend Foreign ATM Withdrawals?

BRAC Bank, for instance, conveyed to its customers via text message on Sunday that “all forms of cash withdrawals outside the country with BRAC Bank cards have been suspended.” However, they also clarified that BRAC Bank cardholders could still utilize their cards for purchases through Point of Sale terminals and engage in e-commerce activities within their allocated travel limits.

Banks Suspend Foreign ATM

Previously, the bank had also ceased cash withdrawals using credit cards within the country.

Selim R F Hussain, the managing director, emphasized that this suspension would be effective from Sunday: “Our bank’s policy is geared towards advancing digital and electronic payment capabilities while discouraging cash transactions, aligning with the vision of creating a digital and intelligent Bangladesh.”

He further stated, “These measures have been implemented to ensure the bank’s security and safeguard our valued customers.

In a recent meeting involving Prime Minister Mostafa Madbouly, Supply Minister Ali El Moselhy, and Central Bank of Egypt Governor Hassan Abdallah, the government announced its commitment to reducing the prices of essential food items. These reductions are expected to range from 15% to 25% and will be implemented for six months.

To prioritize this initiative, the government has allocated its limited foreign currency reserves primarily for port clearances of basic food items. This strategic move aims to boost the availability of goods in the local market, leading to lower prices.

Mr. El Moselhy confirmed that the central bank has already earmarked the necessary foreign currency for this endeavor, which should sustain the program for six months. However, it is anticipated that prices may see an increase once this period concludes.

These measures are being taken in the lead-up to the presidential elections scheduled for December. Reducing prices is a key component of incumbent President Abdel Fattah El Sisi’s election campaign.

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Egypt had previously devalued its currency multiple times to meet demands from the International Monetary Fund (IMF) in exchange for a $3 billion loan. Despite these efforts, the country has yet to fully float its currency, a crucial requirement from its creditors.

Recently, Moody’s, a credit rating firm, downgraded Egypt’s rating from ‘B3’ to ‘Caa1,’ citing worsening debt affordability. In response, Egyptian Finance Minister Mohamed Maait announced the government’s commitment to implementing structural reforms to address economic challenges and stimulate investment. He also highlighted that Egypt had managed to control spending in the face of rising import prices caused by events such as the conflict in Ukraine.

Did Egyptian Banks Halt Debit Card Transactions in Foreign Currencies?

CAIRO, October 5 (Reuters) – A minimum of two Egyptian banks have ceased utilizing Egyptian pound debit cards abroad, aiming to halt the outflow of foreign currency amidst escalating shortages in the nation’s foreign currency reserves Banks Suspend Foreign ATM.

How much cash can you take out from an ATM in Egypt?

The daily withdrawal limits are:
From ATMs: EGP 20,000.
From bank branches: EGP 150,000.

Biography: Introduction: Elizabeth Martineau is a seasoned finance and tax content writer based in Toronto, Canada. With over a decade of experience in the finance industry, she specializes in demystifying complex tax and banking topics for a wide range of audiences. Education: Undergraduate Degree: B.Com. in Finance, University of Toronto…

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