EghtesadOnline: The number of bounced checks fell 9.8% during the Iranian month ending Aug. 22 compared with a month earlier, according to the Central Bank of Iran’s latest report.
More than 647,000 checks worth 108 trillion rials ($943.23 million) bounced during the month under review, also registering a decline of 2.8% in value compared with the previous report when 717,400 checks worth $980 million were returned.
The data covered only interbank checks processed by Chekavak, a CBI-affiliated electronic check processing system.
During the month, 7.3 million checks valued at 866 trillion rials ($7.56 billion) were drawn, indicating a monthly decline of 6.1% in the number of issued checks, Financial Tribune reported.
In terms of value, the checks issued in the month registered a 13.9% decline monthly.
Bounced checks constituted 8.9% and 12.5% of all checks in terms of volume and value during the month, respectively.
Nationally, bad checks drawn in Tehran accounted for 30.4% of volume and 45.1% of value of all bounced checks.
In the sprawling capital, more than 196,000 checks worth 49 trillion rials ($427.94 million) bounced.
Isfahan Province ranked first in the list of provinces with the highest ratio of bounced checks to transacted checks at 26.8%.
This was followed by Sistan-Baluchestan Province at 15.9% and Chaharmahal-Bakhtiari Province at 15.4%.
At the bottom of the list were Kohgilouyeh-Boyerahmad at 8.4%, Kermanshah at 9% and Gilan at 9.1%.
Insufficient fund in accounts was the main reason for the rejection of more than 621,000 checks valued at 104 trillion rials ($908.29 million).
About 8.1% of all transacted checks and 10.9% of the total value of drawn checks in the capital were returned.
Out of all checks drawn in the month, 2.4 million checks valued at 449 trillion rials ($3.92 billion) were drawn in Tehran.
Banks cleared about 6.6 million drawn checks with a total value of 757 trillion rials ($6.61 billion) during the aforementioned period.
The cleared checks showed a decline of 5.7% and 15.3% in volume and value, respectively, compared with the previous month when 7 million checks were cleared by banks.
About 91.1% and 87.5% of the respective volume and value of all issued checks were cleared during the month.
The number of cleared checks in the capital stood at 2.2 million with a total value of 400 trillion rials ($3.49 billion).
Cleared checks in Tehran Province accounted for 91.9% of the total volume and 89.1% of the total value of checks transacted in the capital.