Maldives Monetary Authority (MMA) has informed banks to halt USD transactions made locally via VISA cards. The ban comes in effect starting April 15th.
MMA has informed banking institutions currently issuing VISA cards in Maldives, such as Bank of Maldives (BML), State Bank of India (SBI) and Commercial Bank of Maldives (CBM).
MMA sent out an internal memo informing banks to allow only MVR for local transactions. This includes transactions made at resorts and guesthouses along with other local businesses.
Government has been implementing controversial strategies to deal with the shortage of USD in Madives economy. Last year BML decided to impose a withdrawal limit on USD issued by the bank.