Standard Bank Angola has decided to set limits on transactions with Visa cards abroad because of the difficulty in obtaining foreign currency, the bank said in a letter to customers.
The letter, cited by financial news agency Bloomberg said the monthly limit per customer is US$504, including internet shopping, and will be put in place on 21 January.
Standard Bank said in the letter that the decision was a result of “prevailing conditions in Angola regarding the availability and implementation of foreign exchange transactions.”
The bank is part of Standard Bank, the largest financial group in Africa by assets, and is present in 20 African countries and 13 outside Africa. (macauhub/AO)