With credit card transactions suspended in Vatican City since the new year, three-way talks are due to be held among the stakeholders today to help resolve the situation, reports the Catholic News Agency.
“The parties have resumed work and in the course of next week there will be a technical meeting,” the Italian wire service ANSA was told last week.
Italy's central bank, the Bank of Italy – analogous to America's Federal Reserve – refused to authorise Deutsche Bank Italia to transact foreign credit cards in tiny city-state beginning on January 1.
This has meant that those visiting the Vatican must bring cash for the price of admission to the state's museums, and to purchase good at Vatican gift shops, post office, and pharmacy. Normally, visitors are able to pay by credit or debit card, and utilize ATMs.
In 2011, five million visitors to Vatican City spent some $121 million. Catholic World News estimated that only being able to accept cash is costing the Vatican some $40,000 per day.
Bank of Italy claimed it made its decision due to what it called a lack of anti-money-laundering measures in the state.
“The Vatican City does not have either a banking regulatory framework or European recognition of 'equivalence' for anti-money-laundering purposes,” said a January 10 statement from Bank of Italy provided to CNA.
“The Bank of Italy therefore had no choice but to reject the request...put forward by Deutsche Bank Italia.”
FULL STORY Vatican hopes to resume accepting credit card payments (CNA)