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Venezuela's Armed Forces Bank slams Mastercard for halting card service
Source: Reuters
WORLD NEWS SEPTEMBER 4, 2019 / 8:49 PM / UPDATED 3 HOURS AGO
Venezuela's Armed Forces Bank slams Mastercard for halting card service
CARACAS (Reuters) - A Venezuelan bank run by the troubled country’s military on Wednesday slammed Mastercard for cutting off service to the bank’s credit cards following U.S. sanctions against the government of President Nicolas Maduro.
The measure is another sign of how U.S. sanctions are affecting the functioning of Venezuelan state institutions.
But the practical impact is limited because the bank is small and hyperinflation has reduced use of credit cards, whose credit limits rarely keep up with price increases.
“The Bank of the Armed Forces denounces to its civilian and military clients ... the suspension of interbank services for its credit cards on the part of the American company Mastercard,” the bank said in a statement posted on Twitter.
The U.S. Treasury Department in March told Visa, Mastercard and American Express that they could not continue doing business with Venezuelan state institutions after March 2020.
-snip-
Venezuela's Armed Forces Bank slams Mastercard for halting card service
CARACAS (Reuters) - A Venezuelan bank run by the troubled country’s military on Wednesday slammed Mastercard for cutting off service to the bank’s credit cards following U.S. sanctions against the government of President Nicolas Maduro.
The measure is another sign of how U.S. sanctions are affecting the functioning of Venezuelan state institutions.
But the practical impact is limited because the bank is small and hyperinflation has reduced use of credit cards, whose credit limits rarely keep up with price increases.
“The Bank of the Armed Forces denounces to its civilian and military clients ... the suspension of interbank services for its credit cards on the part of the American company Mastercard,” the bank said in a statement posted on Twitter.
The U.S. Treasury Department in March told Visa, Mastercard and American Express that they could not continue doing business with Venezuelan state institutions after March 2020.
-snip-
Read more: https://www.reuters.com/article/us-venezuela-politics-mastercard/venezuelas-armed-forces-bank-slams-mastercard-for-halting-card-service-idUSKCN1VQ02Y