MMA extends implementation deadline for domestic VISA card transactions

Central Bank, Maldives Monetary Authority (MMA) has extended the implementation deadline for the settlement of domestic VISA card transactions in Maldivian Rufiya.

MMA first announced its plans to bring changes to the domestic VISA card transaction policies earlier in March. Although it was first decided that the change would come into effect in April, MMA extended the implementation deadline to May 20 for Greater Male' Region and to June 30 for resorts and other islands stating that additional time was required to implement the change across the Maldives.

MMA has now announced its decision to further extend the implementation deadline until August 15. A statement issued by the bank said the pending work necessary to implement the change requires travel to islands and resorts. While the COVID-19 situation in the Maldives has led to stricter measures that restrict travel, there are several challenges to facilitate the necessary arrangements at this time, MMA said. Therefore, the implementation deadline has been further extended until August 15, the central bank said.