Over $38B checks dishonored in Iran in one year

Business Materials 17 June 2016 18:11 (UTC +04:00)

Tehran, Iran, June 17

By Mehdi Sepahvand – Trend:

Checks worth 1.18 trillion rials ($38.7 billion) were returned unpaid in Iran over the past Iranian fiscal year, which ended March 19.

By March 19, the number of dishonored checks in the country reached 10 million, the Central Bank of Iran reported June 17.

Last year, 304 million checks circulated in the country, adding up in value to 34x1015 rials, the report states.

The value of the checks in average hovered at 120 million rials.