EghtesadOnline: A total of 9.5 million checks amounting to 866 trillion rials ($10.31 billion) were transacted in Iran during the fourth month of the current fiscal year that ended on July 22.
In terms of numbers, the checks registered a year-on-year increase of 4.4% and grew by 11.1% in terms of value compared with the same month of the previous year, IBENA reported.
From the total number of checks, about 1.4 million worth about 142 trillion rials ($1.69 billion) bounced in the aforesaid month.
In terms of volume and value, the bounced checks marked an annual hike of 2% and 5.5% respectively. This meant 14.2% and 16.4% of all transacted checks bounced in terms of numbers and value respectively, Financial Tribune reported.
As always, Tehran Province registered the highest volume of check transactions at 3.4 million checks worth about 500 trillion rials ($5.95 billion). During the fourth month of the year, the provinces of Tehran, Isfahan and Khorasan Razavi collectively had a major share of total checks at 53.4% with each grabbing 36.3%, 9.4% and 7.7% respectively.
In terms of value, Tehran had an even bigger share of 57.7% and was followed by Khorasan Razavi at 6.1% and Isfahan at 5.4%.
In terms of bounced checks, about 470,000 checks issued in Tehran bounced with a total value of about 77 trillion rials ($917.13 million). In the aforesaid month, 13.6% and 15.3% of all checks transacted in Tehran bounced in terms of numbers and value respectively.
Lorestan Province saw the highest number of bounced checks at 23.1% and was followed by Kurdestan at 23% and Qom at 22.3%. The provinces of Khuzestan, Alborz and Kermanshah were at the other end of the spectrum with shares of 12.3%, 12.4% and 12.8% respectively, which were the lowest in the entire country.
From the total number of bounced checks during the fourth month of the current year, lack of funds was the main reason. In terms of numbers and value respectively, 96.7% and 94.7% of all checks bounced for the same reason.
Errors of banks and users were the other reasons behind the bounced checks.