Argentina limits ATM withdrawals

Argentina limits ATM withdrawals
Tags: Bank / Credit Union
April 22, 2002

BUENOS AIRES, Argentina - Argentina's commercial banks have limited customers to ATM withdrawals of 200 pesos per week following an agreement reached with the government's Central Bank, according to the newspaper La Nacion.

Prior to the limit, account holders were allowed to withdraw up to 1,200 pesos per month from non fixed-term accounts. The new agreement, which is in effect while banking and foreign exchange operations remain suspended, covers only cash machines outside bank branches.

The ATMs are being restocked following withdrawals of more than 260 million pesos in the 72 hours since the government suspended the banking system as the country faces more financial struggles. (See story: Anxious Argentines empty Buenos Aires ATMs)