Central Banking

Reserve Bank overplayed its hand, says Visa

The start of the law suit bought by major credit card companies against the Reserve Bank of Australia heard arguments on Tuesday 20 May that the central bank had overstepped its statutory powers by introducing reforms to credit card interchange fees.

Source: Reuters

The Reserve Bank of Australia had overstepped its statutory powers, lawyers for Visa International argued yesterday, at the start of a Federal Court case with implications for credit card companies in other countries.

Reforms of cred