All Domestic Transactions Made Using Locally Issued VISA Cards To Be In MVR Starting From 15th April

The central bank – Maldives Monetary Authority (MMA) – had ordered banks operating in the Maldives to only permit Maldivian Rufiyaa to be used for transactions conducted within the country using locally issued VISA cards starting from 15^th April.

There are three banks in the country that offers VISA cards being: Bank of Maldives (BML), State Bank of India (SBI), and Commercial Bank of Maldives (CBM). Starting from 15^th April, all payments made to restaurants and tourist establishments such as guest houses and resorts using locally issued VISA cards must be made in Maldivian Rufiyaa – and not US Dollars.

This announcement comes at a time where the government had announced plans for lowering the use of USD within the country amid the shortages of USD which has caused inflation. The incumbent government is planning to bring several massive changes in order to lower the price of dollars in the Maldives such as the de-dollarization of the economy.

Moreover, a bill has been presented to the Parliament on 17^th February by MP of Manadhoo Constituency Ahmed Haaroon requesting to find solutions to concerns as dollar income from businesses in the Maldives is being deposited to foreign banks.