MMA to stop printing cheques

Maldives central bank, Maldives Monetary Authority (MMA) has decided to stop printing cheques, starting August this year.

MMA said that their decision was based on their policy to move away from cheques and cash and encourage electronic means of transferring money. They said that this would serve as a deterrent to fraud.

Starting from August, money can be transferred to the bank’s account, the country's central bank said.

“We are trying to limit the use of cheques and cash in financial transactions,” MMA said.

MMA said that using electronic means of transferring money would deposit money on the day of the transfer itself and it would also reduce steps involved in the transaction.