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Payments made by cheque in favour of the Customs Department no longer need to be covered by a bank guarantee, the Finance Ministry said today.

Existing bank guarantees are being released in favour of the respective traders.

"In this way, the Department of Customs is ploughing back into the Maltese economy more than €3 million in favour of 300 traders, the majority of whom are small-to-medium businesses," the ministry said. 

It said this measure used to hinder liquidity.

The Customs Department is also working on the introduction of an electronic payments facility for traders, as announced in the 2017 Budget speech.  

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