In a monetary policy statement released last week, RBZ chief Gideon Gono said the new cheque limit was aimed at promoting the use of cheques as a means of payment.
Until then the maximum threshold clearing house limit was $500 million.
The governor said he would come up with a post-election monetary policy blueprint covering a 24 months recovery programme stretching from May 2008 through to April 2010.
The programme will focus on the removal of pricing distortions in areas such as fuel, agricultural inputs and outputs, multiple interest and exchange rates, electricity, water and other municipal and parastatal service charges.