Why is the limit of withdrawing money from ATMs not increased?
The withdrawal limit from ATMs has remained constant at 200 thousand Tomans since 2007 and has not increased despite the severe inflation. However, this amount does not meet the needs of the people.
As the days of Arbaeen walk are approaching, the central bank, by issuing a circular to the banking network, has increased the withdrawal limit from fixed and mobile ATMs in the border provinces of West Azarbaijan, Kurdistan, Kermanshah, Ilam, Khuzestan and all border points with Iraq from the 1st to the 20th. And on the fifth of September, it increased to 500 thousand tomans.
The increase in the withdrawal limit from ATMs in the border provinces also happened in Arbaeen last year, and this limit will be increased in the whole country during Nowruz. Despite many requests from people, experts and even bank managers to increase the withdrawal limit from ATMs, this limit has not changed since 2007 and the central bank insists on its stabilization.
200 thousand tomans in 1987 is equivalent to five million and 900 thousand tomans this year
One of the most important arguments for the need to increase the withdrawal limit from ATMs is that this amount has not been adjusted due to Iran’s high inflation rate in recent years. According to the statistics of the Central Bank, the consumer price index (CPI) in September 2017, when the amount of 200 thousand tomans was determined as the withdrawal limit from ATMs, was equal to 27 units, and this index reached 794.3 units at the end of 2018.
Therefore, if we adjust the amount of 200 thousand tomans for the daily withdrawal limit from ATMs with inflation, this limit should be around five million and 900 thousand tomans this year.
Increasing problems with the insistence of the business to receive cash
On the other hand, new tax policies, such as a tax on card reader transactions, have caused many businesses to demand cash from their customers. At the same time, due to the growth of prices, the withdrawal limit of 200 thousand tomans is not enough to meet this need.
How many bills do ATMs give in other countries?
Examining the withdrawal limit from bank teller in some other countries indicates a huge difference between this amount in Iran and the countries under review.
Americans can withdraw $500 to $5,000 a day from ATMs, depending on the type of account they have and the bank where they deposit. This amount in British banks also ranges from 300 to 1,000 pounds.
The withdrawal limit from Turkish banks is 1,500 dollars, of course, customers can increase this amount by paying a commission.
One of the reasons proposed in recent years for the stability of the withdrawal limit from ATMs is the effect of this issue on increasing the circulation of cash in the economy and the depreciation of banknotes. These old bills can no longer be placed in ATMs and therefore must be replaced with new bills; An issue that is costly for the central bank.
In addition, some believe that the government is not interested in raising this cap to increase the use of various transactions, including card readers, and be able to tax these transactions.
Source: Tejarat News