Tuesday, 01 February 2011 15:00 May Kunmakara
ACLEDA Bank is halving the limit on the size of some withdrawals from its ATMs to US$500 per day in response to recent large cash transactions from some Vietnamese card holders, according to ACLEDA Executive Vice President So Phonnary.
Cardholders from Vietnam’s Techombank have been crossing into the Kingdom and withdrawing large amounts of US dollars.
They are taking advantage of the difference between the official exchange rate for the Vietnamese dong, and unofficial exchange rate offered in Cambodia and on the black market in their country.
The process has been a “bother” for ACLEDA, but has been manageable, according to So Phonnary.
ACLEDA President In Channy said the National Bank of Cambodia had advised the firm about the withdrawals, but added that the actions by individual Techombank cardholders were not strictly illegal.