Central Bank, Maldives Monetary Authority (MMA), has decided to impose a value ceiling on cheques 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 announced the Action Plan in April 2022.

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 value ceiling on all cheque transactions of MVR 50,000 and USD 3,000 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 value ceilings.

MMA has also instructed the banks to communicate all information regarding this change to customers in a timely manner.

Speaking on the value ceiling for cheques, Mauritian Commercial Bank (MCB) said the bank is readying itself for the implementation of the value ceiling in 2023. As such, MCB said cheque transactions can only be made for MVR 50,000 or USD 3000 and below. MCB has also urged customers to use their digital platforms and to remain vigilant against scams.