Bad Checks Pile Up in Iran

Local banks saw a significant rise in the volume of bounced checks during the last calendar month ending July 22, according to the latest reports published on the Central Bank of Iran website.
Out of the total checks issued during the month, 717,400 checks valued 112 trillion rials ($957 million) bounced – up 16.3% and 19.2% in volume and value, respectively, compared with a month earlier when banks returned 617,000 bad checks worth 94 trillion rials ($803 million). 
About 7.8 million checks worth 1,006 trillion rials ($8.6 billion) were drawn in the month, registering 18.5% increase in number and 19.5% rise in value compared to a month earlier.