Central bank, Maldives Monetary Authority (MMA) has delayed the implementation of allowing only Maldivian Rufiyaa to be used for transactions conducted within the country using locally issued VISA cards.
MMA had instructed commercial banks to only permit Maldivian Rufiyaa to be used for transactions conducted within the country using locally issued VISA cards, to be initially implemented starting from the 15th of last month. However, this has now been delayed to 15th August 2021.
Banks included are Bank of Maldives (BML), State Bank of India (SBI), and Commercial Bank of Maldives (CBM). These are the only banks that issue VISA cards in the country.
According to an internal announcement made by MMA, it was instructed to the banks that only Maldivian Rufiya is to be used for transactions within Maldives using locally issued VISA cards. Even at resorts and guesthouses, locally issued VISA cards used for transactions within Maldives must only use Maldivian Rufiya, the central bank stated.
With these changes, in addition to establishments providing tourist services, locally issued VISA cards cannot be used to pay in dollars at certain restaurants in Male’ as well.