Central Banking

UAE speeds up cheque processing

The Central Bank of the UAE has introduced a new cheque-clearing system that will vastly reduce the time taken to process cheques.

The system went live on Saturday 12 July and is expected to reduce the time taken to clear cheques from between one and five days to four hours.

"Unlike in some parts of the world, the volume of cheques in the UAE is increasing year on year. Many facets of the commercial system in the country rely on cheques," Bob Thomson, the senior manager of the central bank's I