New Law Impacts Check Transactions

Check transactions and bad checks declined in the month ending April 21 soon after the new check law came into effect.
More than 6.9 million checks worth 1,480 trillion rials ($6.7 billion) were handled in the period down 27.8% in number and 42.7% in value compared to the month earlier.  
The value of bad checks plunged 49.3% compared to the month before reaching 158 trillion rials ($665.2 million). In the same period the number of bad checks was reported at 569,000 down 25.4%, Central Bank of Iran data shows.
In terms of volume and value, bad checks accounted for 8.2% and 10.7% of the total drawn checks, respectively.