BAKU, Azerbaijan, October 24. About 8 million bank checks worth 4.95 quadrillion rials (about $118 billion) were exchanged in Iran in the 5th month of the current Iranian year (July 23 through August 22, 2023), Trend reports.
Data of the Central Bank of Iran (CBI) shows that this an increase of 2.6 percent in value and 2.8 percent in volume, compared to the 4th month (June 22 through July 22, 2023).
In the 5th month, around 7.3 million checks worth approximately 4.3 quadrillion rials (about $102 billion) were received in the country.
At the same time, about 727,000 checks worth 656 trillion rials (about $15.6 billion) bounced by the country’s bank during the specified month.
The reason for the bounce of checks was the lack of available funds.
Over the previous 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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