PHNOM PENH Feb 2 (Reuters) - A bank in Cambodia has stopped certain Vietnamese from getting dollars from its ATMs after a surge in withdrawals, apparently by traders taking advantage of a drop in the black market value of Vietnam's currency, the dong.
ANZ Royal Bank, partly owned by Australia and New Zealand Banking Group Ltd (ANZ.AX), said customers of Vietnam Technological and Commercial Joint Stock Bank (Techcom) had taken millions of U.S. dollars out over the past few weeks.
"We have blocked customers of Techcom bank from accessing our ATMs," said ANZ Royal's chief executive, Stephen Higgins. "They have withdrawn around $13 million from our ATM network, principally in Phnom Penh."
The dollar is used for the bulk of transactions in Cambodia. It was not clear what lay behind the jump in withdrawals or why Techcom card holders seemed especially active.
Vietnamese taking out dollars in Cambodia, well away from the prying eyes of bank managers and regulators back home, would have their accounts docked at the official rate, plus fees, but could then exchange dollars for dong at the higher unofficial rate.
Vietnam allows the dong VND= to trade in a narrow band against the dollar but it has been below the weak end of that band for over four months on the black market. Before this week's Tet holiday it was about 7 percent below.
Another Cambodian lender, ACLEDA Bank, which has the biggest ATM network in the country, said it was limiting withdrawals from its machines to $500 per day from $1,000 on the advice of Cambodia's central bank.
It said it regarded the spate of withdrawals as normal transactions rather than anything fraudulent, but they were also clearly a nuisance.
"We have to put cash in the machines more often. It's disruptive, we need to reserve cash for this," said the bank's vice-president, So Phonnary.
She put the value of recent withdrawals at $5.5 million and said a lot of that was taken out in Bavet, a town on the border with Vietnam that happens to have a casino. (Editing by Alan Raybould)
8 comments:
it's not illegal, but it is a nuisance for other customers. glad the banks in cambodia stepped up to prevent the problem like this from continuing! i way i see it in cambodia, anything like this can happen, given everything seem almost like a pioneer or first for cambodia, however, the good thing is that the law will always catch up with them and help to prevent such rushing! this is how law are created, from experience, etc... it's a normal way of life, really! god bless cambodia.
Dear KI Media,
Can you please announce this film? Born Sweet: "A boy comes of age in rural Cambodia while struggling with arsenic poisoning and dreaming of becoming a karaoke star."
They have a website (http://www.bornsweetfilm.com/) and Facebook page (www.facebook.com/pages/Born-Sweet/211645946736)
Among other places it will be screened in Salt Lake City on March 1, 2011, 7pm, at the Salt Lake City Film Center (http://www.slcfilmcenter.org/?id=697)
I can't seem to find any other information.
This is how youn stole from Cambodia, they will destroy Cambodia in the future.
Even fishing they use electricity and pioson to kill the fish either in the lake or Tonle Sap. They destroy Cambodia because we have a pupet prime minister who is slave to youn.
ឃើញទេយួនបើកយកប្រាក់អស់រាប់លានឥត
ហ៊ានធ្វើអីយួនទេ បើខ្មែរវិញជាប់គុកហើយសា្លប់ផងក៏មាន។ ពួកវាសឹងតែមិនហ៊ាននិយាយផងឃើញទេ
បងប្អូន ដល់គេនិយាយថាគេបង្ខុចឈ្មោះ។
This is a way that Yuon to hypnotize and to steal money from Khmer people. Besides Samdachs, Ek Odams, Chumteav Thom, Chumteav Tauchs, Okhnars, and other CPP members, are there any Neak Moto Dubb, Neak Srae Chamkar, Kamkars teachers, Montrey Tauch Tach can effort to have and use ATM card?.
Short answer without relactant is No! People group 2 are only the victim of group 1.
Logically speaking, when Yuom steal the money from group 1, it means Yuon indirectly steal it from people group 2.
Damn yuon.. serves them right! They are rotten no matter where they are. Case and point - Hun Sen and his while entire CPP Clan are doing more harm to Cambodia than good. All the yuon should be kicked out of Cambodia along with the HS and CPP! Only the good ones can stay if there are any.. that is!
Cambodian banks are not supposed to stop dollar transaction at ATM for Youn people. Because they are Cambodians'master. Cambodians have to respect the master Youn even they come to take your money and houses.
Born Sweet film has a website:
www.bornsweetfilm.com
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