The Bank of Maldives (BML) has announced upcoming changes to cheque processing.
The national bank said that its cheque processing changes are according to the Maldives Monetary Authority’s (MMA) action plan on reducing the usage of cheques.
According to BML, cheques above MVR 50,000 and USD 3,000 will not be processed from 01st April 2023 onwards.
However, customers can continue to bank online using internet or mobile banking applications to make transfers to BML and other local bank accounts.