BRAC Bank has implemented a temporary cessation of all cash withdrawal transactions using its cards outside the country as part of a strategic move to promote digital and electronic payment methods while discouraging reliance on cash transactions. Selim RF Hussain, the managing director of BRAC Bank, clarified that this adjustment is aligned with the bank’s policy, emphasizing that electronic debits or payments will persist beyond Bangladesh, with only cash withdrawals being discontinued.
Despite the suspension of cash withdrawals, customers retain the ability to utilize their cards for purchasing goods and services from merchants, ensuring continued convenience. Selim RF Hussain highlighted the rationale behind the decision, citing it as a credit-control measure aimed at establishing a transparent audit trail for card usage.
This move mirrors a similar initiative undertaken by the bank in the past, where cash withdrawals in Bangladeshi currency through credit cards within the country were discontinued. BRAC Bank reassured its customers that it possesses ample foreign currency reserves within Bangladesh to meet their needs, particularly for issuing foreign currency cash through its branches when customers comply with travel-related requirements.
The suspension of cash withdrawals outside the country took effect on Sunday, December 24, as announced in a notice issued by BRAC Bank. However, the duration of this temporary measure was not disclosed.
