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EghtesadOnline: The Central Bank of Iran in a directive has ordered banks and credit institutions to send it the names of the checkbook holders who have had more than 20 bounced checks times.

As per the order, lenders are required to report the names of issuers of bad checks every six months, once at the end of the calendar month to September 22, and the other at the end of Iranian fiscal year on March 19.  

The move is part of efforts to reduce the number of bad checks and cut losses inflicted on bank customers. The outcome of the  CBI’s measures in recent years has resulted in a gradual decline in the number of bad checks, according to Financial Tribune.

Bounced checks declined 10.2% in volume and 4.8% in value during the month to October 22 compared to a month earlier.  The value of bounced checks also registered a monthly decline of 2.5% in the next month (ended Nov 22 ) while the volume showed a hike of 11%. 

About 686,000 checks worth 100 trillion rials ($772.20 million) bounced during the month, according to CBI data.

 

Iran Central Bank of Iran Credit Institutions Banks Bounced Checks Bad Checks Scrutiny directive