...

Number of returned bank cheques down in Iran

Business Materials 21 November 2018 17:36

Baku, Azerbaijan, Nov.21

By Elnur Baghishov, Leman Zeynalova - Trend:

Around 1.2 million bank cheques worth 148 trillion rials (over $3.52 billion) have been returned in Iran during the month of Mehr which covers a period from Sept.23 to Oct.22, said Iran’s Central Bank (CBI).

These figures have decreased by 5 percent and 14.3 percent, respectively as compared to the previous month (Aug.23-Sept.22), Young Journalists Club reported citing CBI.

CBI said that more than 8.9 million bank cheques worth of around 936 trillion rials (around $22.28 billion) have been exchanged in the month of Mehr, which is 8.1 percent lower in terms quantity and 3 percent less in terms of value as compared to the previous month.

Reportedly, more than 3.1 million bank cheques worth 518 trillion rials ($12.33 billion) have been exchanged in Tehran alone during the mentioned period.

The Central Bank said that around 79 trillion rials ($1.88 billion) worth 382 cheques have been returned in Tehran province in the month of Mehr. In general, 13 percent of the exchanged cheques have been returned in Iran during the mentioned period.

According to Monetary and Banking Act, the Central Bank is responsible for formulating the monetary and credit system of the country, formulating the regulations pertaining to outflow as well as repatriation of Iranian and foreign currency, foreign exchange transactions, commitments and guarantees with the approval of the Money and Credit Council; formulating the required regulations so as to control gold transactions with the approval of the Board of Ministers, determining the required regulations, approvals and circulars applicable to banks and credit institutions in the framework of the monetary and credit system of the country.

Tags:
Latest

Latest