Business Desk :
BRAC Bank has suspended all sorts of cash withdrawals by its cardholders outside Bangladesh, a development that comes amid the country’s lingering forex crisis.
The suspension became effective from Sunday, according to a notice issued by the private bank to its customers.
A senior official of the bank’s retail banking unit confirmed the move, saying transactions by cash remain unrecorded.
In a statement, BRAC Bank Managing Director Selim RF Hussain said its electronic debits or payments will continue outside Bangladesh and only cash withdrawals are discontinued.
The policy is aimed at encouraging digital and electronic payments while discouraging cash transactions, he said.
“We also discontinued cash withdrawals through taka credit cards inside Bangladesh a few years ago.
As a result, customers can use their cards for transactions but can’t withdraw cash for the general use.”
The credit-control measure has been put in place to ensure a clear audit trail regarding the usage of cards, he said, adding that the bank’s foreign currency cash reserves are sufficient.
Foreign currency cash is issued to customers from BRAC Bank branches when customers endorse their travel quota and show travel documents, the statement said.
