BAKU, Azerbaijan, August 19. The exchange of checks in Iran decreased by 2 percent in value and 0.5 percent in number in the fourth month of the current Iranian year (from June 21 through July 21, 2024) compared to the third month of the current year (from May 21 through June 20, 2023), the statistics of Iran's Central Bank said, Trend reports.
According to the statistics, the exchange of checks in the fourth month amounted to more than 8.6 million checks worth 6.45 quadrillion rials (about $15.8 billion).
The statistics note that the country received more than 7.7 million checks worth about 5.44 quadrillion rials (about $13.4 billion) in the fourth month.
The information indicated that 912,000 checks worth 1 quadrillion rials (about $2.48 billion) were refunded in the fourth month. The refunded checks increased by 0.9 percent in value and 5.1 percent in number.
The statistics show that bounced checks are a result of being in hot water financially or coming up short.
To note, a check exchange system was established in Iran last year. Within the framework of this system, banks can verify checks transferred to banks for cash or non-cash online.
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