Bank cheques to be cleared in one day

Maldives Monetary Authority (MMA) has said that starting next month, they would be clearing bank cheques in one day as opposed to the three days is takes now.

Cheques across banks are being currently being cleared through a long manual process where the cheques are taken to MMA in person.

Information Officer of the MMA, Manssor Zubair told Sun Media today that a decision has been made to automate the cheque clearing starting next month.

He said that cheques would not be required to be brought directly to the MMA starting next month instead, cheques can be exchanged by scanning.

Mansoor said that since the cheques are going to be scanned, customers need to make sure that the writings on the cheques need to be clear.