Oman: Changes on Bounced Cheques being Considered

Oman News developments

Oman: Changes on Bounced Cheques being Considered

Oman Daily Observer, 30 July 2023: According to the Oman Central Bank, authorities in Oman are considering a change to the approach on bounced cheques.

Authorities are considering whether to allow partial fulfilment of bounced cheques where there are insufficient amounts in the drawer’s account to cover the full amount on the cheque. The Central Bank noted in its recently issued Financial Stability 2023 Report that methods which would allow the maximum possible cheque value to be collected in the simplest and fastest way were being looked into. Bounced cheques have been reducing with the increased use in electronic transactions. In 2022, 387,000 cheques bounced in Oman (which accounted for 10.3% of cheques) compared with 399,000 in the year 2018.

According to the Omani Central Bank, some other countries have already begun to partially fulfill bounced cheques to the amount available in the drawer’s account.

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Tanya Jain