BAKU, Azerbaijan, December 11. The exchanged checks in Iran decreased by 30.8 percent in value and 34.9 percent in quantity during the seventh month of the current Iranian year (from September 22 through October 21, 2024) compared to the sixth month of the current year (from August 22 through September 21, 2023).
The data obtained by Trend from the country's central bank shows that the exchanged checks amounted to more than 10.2 million checks worth about 7.9 quadrillion rials (about $16.3 billion) during the seventh month.
The report notes that for the seventh month, the country saw more than 9.2 million checks worth 6.74 quadrillion rials (about $13.9 billion).
Moreover, the information shows that 982,000 checks worth about 1.15 quadrillion rials (about $2.37 billion) were refunded for the seventh month. The refunded checks grew 18.2 percent in value and 30.6 percent in quantity compared to the sixth month.
According to the report, the reason for refunding checks is a lack of available funds or a shortage.
To note, Iran established a check exchange system last year. Under this system, banks can verify checks handed over to banks online for the presence or lack of money.