Monetary Authority in Macau moves to quell ATM limit fears

The Monetary Authority of Macau moved quickly Friday to quell market concern caused by a newspaper report late Thursday that it was about to slash ATM limits in half (see previous  report).

The Authority clarified that it had not tightened daily cash withdrawal limits for Chinese gamblers, explaining that it limited withdrawals to 5,000 patacas per transaction, effective Friday, but had not changed its daily limit.

A spokesman for UnionPay’s international arm also weighed in, saying that the company had not changed its policy on overseas cash withdrawals using cards issued on the Chinese mainland, adding that the daily limit was still 10,000 yuan ($1,450), with an annual cap of 100,000 yuan.

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