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Maldives Monetary Authority (MMA) has decided to set the highest amount of money that can be withdrawn from cheques in order reduce the use of cheques.
Announcing the action plan to reduce the use of cheques, MMA’s Assistant Executive Director Hawwa Latheef stated measures are set to be taken by 2024 to reduce the use of cheques. This includes setting MVR 50,000 and USD 3,000 as highest amount of money that can be withdrawn using the cheque. Moreover, MMA decided to charge additional fee if cheques are used for money withdrawals.
Furthermore, it has also been decided to extend duration of cheque clearance.The duration of clearing a cheque will be extended to 10 days in 2024. According to MMA the use of cheques has been reduced by 60 percent in the past five years. Most cheque transactions are usually carried out by state-owned companies and the general public business.
MMA stated that the use of cheques is reduced to facilitate easy financial transactions due to the high number of issues faced during the cheque transactions.
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