Court ruling barring bank limits on cash withdrawal is “risky,” says ex economic minister
A High Court verdict barring banks from imposing limits on the amount of money customers can withdraw from their accounts is a “risky move” that could send “send shocks throughout the banking system,” former Economic Minister Mahmood Raazee has said.
17 Sep 2015, 9:00 AM
A High Court verdict barring banks from imposing limits on the amount of money customers can withdraw from their accounts is a “risky move” that could send “send shocks throughout the banking system,” former Economic Minister Mahmood Raazee has said.
In a ruling issued on Sunday, a three-judge panel ruled that banks are obliged to hand over the amount of money deposited by customers in its entirety.
The Bank of Maldives Ltd (BML) had appealed a judgment by the Naifaru magistrate court in favour of an NGO called Naifairu Juvenile, which sued the national bank after it refused to allow full withdrawal of US dollars deposited at its account.
BML had insisted that the full amount could only be withdrawn in local currency despite the NGO having deposited US dollars.
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