Monetary Authority (MMA) has decided to impose a limit on cheque transactions as part of the Authority’s Action Plan on Reducing the Usage of Cheques to enhance the efficiency of Payment Systems and promote the usage of electronic payments in the Maldives.
MMA’s Action Plan will reduce the usage of cheques in collaboration with all the banks operating in the Maldives. As such, MMA said they will impose a MVR 50,000 and USD 3,000 limit on all cheque transactions nationwide starting 1 April 2023.
MMA has urged all the banks to maximise the availability of alternative digital solutions for the customers for transactions exceeding the limit.
MMA has also instructed the banks to communicate all information regarding this change to customers in a timely manner.