Leong: New ATM withdrawal limit to have no negative impact

Secretary for Economy and Finance, Lionel Leong, claimed that the new measure to limit cash withdrawals per ATM transaction in Macau would not have a negative impact on the city’s gaming industry.

According to the new rules in place since last week, mainland China-issued ATM cardholders will only be able to withdraw MOP5,000 (USD626) or HKD5,000 ($644) at a time. However, the daily limit on withdrawals remains the same at 10,000 yuan ($1,450).

According to statements made by Leong this week, the measure will contribute to maintaining the region’s monetary stability and would have a positive effect on managing capital flows. The measure would not bring any negative impact to daily cash withdrawals by Macau residents and tourists, said Leong.

The mainland’s State Administration of Foreign Exchange has set an annual cap – in force since January – on overseas cash withdrawals for mainland bank cardholders at 100,000 yuan per card, in addition to a 10,000 yuan daily cap.

A statement issued yesterday by the Government Information Bureau noted that local authorities are “committed to [making] use of all measures that can help further stabilize Macau’s economy and effectively combat any forms of money-laundering and illicit capital flows.”