Lower Numbers Reported by CBI for Bounced Checks

Banks and credit institutions rejected 560,000 checks worth 229 trillion rials ($848 million) in the calendar month ending July 22.
The figure shows a sharp decline compared to the preceding month. Bad checks dropped 18.2% in value and fell 27.5% in volume on monthly basis, according to data released by the Central Bank of Iran.
The ratio of bad checks to drawn checks was 9.2% and 11.9% in terms of volume and value, respectively. The ratio, however, was relatively higher on the corresponding period last year. In the same month a year ago, 9.6% and 9.5% of the volume and value of all drawn checks were invalidated.
Sharp fall in rubber checks seemingly came in part amid the impact of the new check law, which according to the CBI  cut the number of bad checks.