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Withdrawal cap aims to stabilise Macau’s financial system says Leong Vai Tac

Aiming to stabilise Macau’s financial system and cash flow, the government has set the limit per ATM withdrawal with bank cards issued in the mainland at 5,000 patacas or HK$5,000, Secretary for Economy and Finance Lionel Leong Vai Tac said on Sunday.

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UPDATED: 22 Dec 2023, 5:50 am

Aiming to stabilise Macau’s financial system and cash flow, the government has set the limit per ATM withdrawal with bank cards issued in the mainland at 5,000 patacas or HK$5,000, Secretary for Economy and Finance Lionel Leong Vai Tac said on Sunday.

Mainland-issued credit cards’ local cap on withdrawals took effect on Friday.

The Macau Monetary Authority (AMCM) announced the measure on Friday in a statement, saying that the daily cap and annual limit on withdrawals remains unchanged at 10,000 yuan (11,570 patacas) and 100,000 yuan respectively.

Asked by reporters on the sidelines of the annual ‘Walk for a Million’ charity event about the reason why the government imposed the measure, Leong said: “ [Because the government] doesn’t want people who have many bank cards to withdraw [huge amounts] of money,” adding that the measure would render the withdrawals less convenient.

Leong said that the measure would have no impact on the gaming industry and on residents and tourists who use their bank cards for spending in Macau.

Asked by reporters whether the measure was also meant to prevent money laundering, Leong said the government was duty bound to strengthen its supervision of this matter.

(Macau News / The Macau Post Daily)

UPDATED: 22 Dec 2023, 5:50 am

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