Bad Checks Grow in Volume, Down in Value; Iran's CB Says

More than 499,000 checks bounced in the ninth fiscal month ending Dec. 22, up 0.6% on the previous month. The checks were worth 338 trillion rials ($804.7 million), posting 1.6% decline on a monthly basis, the Central Bank of Iran reported.

Bad checks accounted for 6.9% of total drawn checks and 8.5% of the volume of all checks issued in the month.

In the corresponding period last year, 8.3% and 9.9% of the volume and value of all drawn checks were rejected. Bad checks accounted for 7.1% and 9.3% of the total drawn checks in the eighth month of the calendar year in terms of volume and value, respectively.

Almost 148,000 checks worth 142 trillion rials ($338 million) were rejected in Tehran Province accounting for 6.4% and 7.2% of the volume and value of all drawn checks, respectively.

Kohgiluyeh-Boyerahmad Province topped the list of provinces with the highest ratio of bad checks to transacted checks at 10.91%, followed by Ilam (10.3%) and North Khorasan with 10.1%