BAKU, Azerbaijan, December 23. Approximately 8 million bank checks worth around 5.06 quadrillion rials (about $120 billion) were exchanged in Iran in the 7th month of the current Iranian year (September 23 through October 22, 2023), Trend reports.
According to the data from Iran’s Central Bank, this a decrease of 7.1 percent in value and 7.3 percent in number, compared to the 6th month (August 23 through September 22, 2023).
During the 7th month, 7.3 million checks worth about 4.44 quadrillion rials (about $106 billion) were received in the country.
Also, more than 661,000 checks worth 622 trillion rials (about $14.8 billion) bounced by the country’s bank in 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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