Regulatory Alerts2021-08-29
Circular CN-PSD/2021/4: Acquiring and Settling Card Transactions Conducted in Maldives in MVR
The Maldives Monetary Authority mandates that all banks engaged in card payment acquiring must settle domestic transactions using locally issued cards in Maldivian Rufiyaa regardless of the underlying currency. This directive extends previous VISA-specific requirements to all other types of locally issued cards to facilitate local currency settlement. Banks must achieve compliance by 31 March 2022 and submit an implementation timeline to the regulator by 20 September 2021.
Circular No: CN-PSD/2021/4 Date: 29th August 2021 To: All Banks Acquiring and settling card transactions conducted in Maldives in MVR In line with MMA’s objective to facilitate the settlement of domestic transactions in local currency, all the banks engaged in card payment acquiring activities are required to ensure that all domestic transactions conducted in Maldives using locally issued cards are acquired and settled in MVR, regardless of the underlying currency. As a prior instruction has been issued respective to acquiring and settlement of locally issued VISA cards in MVR, this instruction is applicable to transactions conducted in Maldives using all other types of locally issued cards. Therefore, all banks are required to be in compliance with this instruction by no later than 31st March 2022. Additionally, please share with us a tentative timeline for the implementation of this instruction, by 20th September 2021. Yours sincerely, Mariyam Hussain Didi Assistant Governor Banking Operations