The country’s share of cheque volume with respect to other major payment instruments has dropped by 7.7% during the first quarter of 2019, in comparison to the first quarter of 2018.

“Value wise it will change but volume wise it has reduced. Last year also it was the same,” Director – Payments and Settlements of Central Bank of Sri Lanka Dharmasiri Kumaratunga said whilst addressing the media during an event which was held in Colombo recently (4).

Meanwhile, According to the payment bulleting report issued by the central bank of Sri Lanka, approximately 96.8% of the total value of non-cash payments of the first quarter of 2019 was effected through RTGS system (90.9%) and Cheque Imaging and Truncation System (CITS) (5.9%).

Cheque accounted for 64.8% of the value of total non-cash retail payments in the first quarter of 2019, reporting a marginal increase in comparison to the first quarter of 2018 (60.3%)

However, during the fourth quarter of 2018 it was reported as 65.9%.

Meanwhile during the first quarter of 2017 Cheque accounted for 73.5% of the value of total non-cash retail payments.