Business And Markets

Bad Checks Jump 30%

Bad Checks Jump 30%
Bad Checks Jump 30%

Bad checks worth 299 trillion rials ($1.1 billion) bounced in the month to August 22, indicating a 30.8% rise over the preceding month.
According to Central Bank of Iran data, the number of bad checks stood at 742,000, also rising 32.4% rise in one month.
The checks accounted for 10.7% and 14.8% of the total volume and value of the drawn checks during the month.
Bad checks rose despite the fact that a decline was expected after the new check law came into effect on March 25 to improve trade, transparency and curb fraud and forgery in bank transactions.


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