Papua New Guinea phasing out cheques
Central bank will stop processing cheques from larger businesses from end-2023
Authorities in Papua New Guinea announced the country would phase out cheques for larger private-sector businesses by year’s end.
The central bank said its intent was to offer cheaper and faster payments processing. It also noted the higher risk of fraud cheques pose.
The Bank of Papua New Guinea says government agencies will continue to make payments by cheque. Acting governor Elizabeth Genia said: “Commercial banks will have to give further clarification on private individuals or small
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