Checks Worth $7.3b Drawn in 1 Month

Data released by the Central Bank of Iran show that more than 6.5 million checks worth 842 trillion rials ($7.32 billion) were exchanged in the third month of the current fiscal year to June 21. 
The numbers indicate a 9.2% and 15.1% decline in the volume and value of checks, respectively, compared to a month earlier, data drawn from Chekavak system, the CBI's official website, showed. 
Chekavak is an electronic check processing system that primarily aims at eliminating the physical circulation of checks in the banking system and at the same time seeks to improve the credibility of checks.