Banks Count $1.1b in Bad Checks in 1 Month

The number of bounced checks jumped in the month to March 19, marking the end of last fiscal year when the coronavirus spread in Iran hammering businesses in a way unseen in decades. 
A total of 1.03 million checks worth 177 trillion rials ($1.1 billion) bounced in the month, according to a report posted on the Central Bank of Iran website. 
The default was up 44.2% in volume and 51.9% in value compared to the month before. The troubling development is largely due to the fast-spreading covid-19  pandemic that has destroyed livelihoods, manufacturing, and businesses, and sent the world economy into freefall. Iran has not been spared.