13764
Less Fraud
Economy, Business And Markets

Less Fraud

The total value of bounced promissory notes and bills of exchange plummeted 32.6 percent to three trillion rials ($93.4 million at market exchange rate), in the 11 months ending Feb. 19. The decline in the value of the financial instruments is due to improving economic conditions, and falling rate of financial fraud in Tehran’s bazaars during the period.  However, the number of the bounced notes rose nearly 14 percent to over 17,700 in Tehran, pointing to an increase in contracts and economic activity in the capital’s bazaars, according to the Central Bank of Iran. Promissory notes and bills of exchange are financial instruments in which the issuer promises in writing to pay a determinate sum of money to the payee, either at a fixed or determinable future time or on demand of the payee, under specific terms. These notes are commonly used in the traditional bazaar for financial transactions.

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