Bounced Checks Down 5.6%

Iranian banks returned 1.5 million checks worth 130.6 trillion rials ($3.4 billion) during the month that ended on July 22, the official website of the Central Bank of Iran reported. The number witnessed a 5.6% decrease compared with the previous month. Data indicate 97.5% of the bounced checks were returned by the banks over non-sufficient funds. According to the statistics, more than 9.3 million checks valued at 573.5 trillion rials ($15 billion) changed hands during the one-month period. The figure for bounced checks–whose data were not disclosed for a while by CBI–had reportedly been on the rise in recent years due to a multi-year recession that especially hit the production and construction sectors. CBI has expressed hope that with enhanced credit risk assessment procedures of customers, the number of bounced checks due to non-sufficient funds will gradually decline