1.5 Million Checks Bounce in One Month

More than 9.6 million checks worth more than 615 trillion rials ($14.5 billion) were transacted during the eighth Iranian month of Aban (ended Nov. 21), of which 1.5 million checks worth 138 trillion rials ($3.27 billion) bounced.

The value of checks in the aforementioned month increased to 22.5% from the 21.3% registered in the previous month while the number of checks decreased slightly from 15.7% to 15.4%, the Central Bank of Iran announced on its official website.

This indicates that 15.4% and 22.5% of the total value and number of checks respectively in Aban comprised of bounced checks, whereas their share of value among total checks increased compared to the previous month and decreased compared with the same month of last year.

The share of bounced checks’ numbers among total checks has decreased compared to that of the previous month while the same share has increased compared to Aban of last year.

CBI noted that 97.1% of the checks in terms of numbers and 96.3% in terms of value bounced because of a shortfall in bank accounts.