In the last three decades or so, most of the countries in the MEFMI region have been undertaking economic and financial reforms aimed at liberalising their trade and exchange rate regimes. One result of that liberalisation is the emergence of foreign currency deposit accounts in the domestic economy. These foreign currency accounts have created the need for efficient and safe mechanisms through which account holders can transfer value to one another for payment settlement. This report presents the findings of a survey conducted among the MEFMI member countries to look into the nature and operation of these foreign currency deposit accounts and in particular the arrangements that member countries in the MEFMI region apply in the clearance of the locally issued foreign currency cheques.