The Bahrain Monetary Agency (BMA) is extending the time for clearance of high value checks and inter-bank fund transfers, to enable such transactions to be completed in the shortest time possible.
The inter-bank cutoff time will be revised to 1 pm, from 11:30 am at present. Clearing for Bahrain dinar-denominated 'special' checks, which have a value of over BD 5,000, will be extended to noon, from 10:30 am. The revised extended timings come into effect from December 1, 2003.
“The new timings will facilitate a faster payment system and improve efficiency on the circulation and transmission of funds,' said Director of Banking Services at the BMA, Shaikh Salman Bin Ahmed Al-Khalifa. “The aim is to have a more efficient, customer-oriented system that better serves the needs of the economy.”
BMA has an established policy of continuously reviewing all systems and regulations, and effecting modifications whenever necessary. “The existence of an efficient and reliable payment system is one of the requirements of a well functioning banking system and the BMA is committed to enhancing Bahrain's reputation as the financial capital of the Middle East,” said Shaikh Salman. — (menareport.com)
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