BAKU, Azerbaijan, May 31. Overall, 6.4 million bank checks worth 3.28 quadrillion rials (about $78.2 billion) were exchanged in Iran in the 1st month of the current Iranian year (March 21 through April 20, 2023), Trend reports.
This shows a decrease of 44.2 percent in value and 25.2 percent in number compared to the 12th month of the last Iranian year (February 20 through March 20, 2023).
Meanwhile, in the 12th month, 8.6 million bank checks worth approximately 5.88 quadrillion rials (about $138 billion) were exchanged in the country.
In the 1-st month, approximately 6 million checks worth 2.97 quadrillion rials (about $70.8 billion) were received, while about 451,000 checks worth approximately 311 trillion rials (about $7.4 billion) bounced by the country’s bank.
The reason for the bounce of checks was the lack of available funds.
Last Iranian year (March 21, 2022, through March 20, 2023), a check exchange system was established in Iran. Under the mentioned system, banks can assess the authenticity of checks handed over to banks online.
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