Checks Worth $1b Bounce in 1 Month

The overall value of checks rejected in the month to February 19 shot up 30.08% compared to the earlier month to reach 470 trillion rials ($1.04 billion).

By the end of the month the number of bad checks stood at 616,000 -- up 36.8% in one month, according to data released by the Central Bank of Iran.

In terms of volume and value, bad checks accounted for 7.3% and 9.2% of all drawn checks, respectively.

It’s merits mention that during the same period last year 9% and 12.3% of the volume and value of all drawn checks bounced.