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Minister of Finance Davendranath Tancoo said he plans to meet with the banking sector in response to yet another reduction in the US dollar spending limit on credit cards.

This time, Republic Bank has imposed another cut on its spending limits – its third cut since 2021.

On August 15, Republic Bank announced it will reduce its maximum US dollar spending limit per billing cycle to US$2,500. This will be a 50 per cent reduction from its current spending limit of US$5,000.