Central bank delays restriction of dollar transaction through Visa cards

Photo: BML

Maldives Monetary Authority (MMA) has decided to delay on their policy to restrict Dollar transactions done locally through bank-issued Visa cards.

Earlier, Maldives central bank announced that Dollar transactions on Visa cards issued by local banks will become restricted effective from 15 May for an undisclosed period.

However, MMA has recently altered their announcement to postpone this restriction until 15 August from which point the said restriction will become effective.

MMA had decided on delaying the restriction in light of the enforced restrictive measures in Greater Male’ Region, while taking into consideration the economical stress on local businesses and entrepreneurs.

According to the central bank, it understands the challenges to local businesses in light of strict measures which has resulted in loss of business for many.

Meanwhile, MMA is enforcing the said restriction in light of the ‘National Nett Settlement Service’ introduction in Maldives.