BAKU, Azerbaijan, December 21. The checks exchanged in Iran fell by 1.3 percent in value and 7.5 percent in quantity during the eighth month of the current Iranian year (from October 22 through November 2024) compared to the seventh month of the current year (from September 22 through October 21, 2024).
The data obtained by Trend from the country's central bank shows that during the eighth month, the exchanged checks amounted to more than 9.5 million ones worth about 7.8 quadrillion rials (about $14.2 billion).
According to the information, the eighth month saw the delivery of more than 8.6 million checks totaling 6.7 quadrillion rials, or roughly $12.2 billion.
Furthermore, the information showed that the eighth month saw the refund of 910,000 checks worth 1.08 quadrillion rials, or about $1.98 billion. The refunded checks decreased by 6 percent in value and 7 percent in quantity compared to the seventh month.
According to the data, the rationale behind the issuance of refund checks is attributed to insufficient liquidity or fiscal discrepancies.
To note, Iran implemented a check exchange system last year. Under this approach, banks can electronically verify the checks presented to them for the availability of funds.
