BAKU, Azerbaijan, June 25
By Elnur Baghishov –Trend:
Checks exchanged in Iran increased by 30.9 percent in terms of number and 108.3 percent in terms of value in the second month of the current Iranian year (from April 20, 2020 to May 20, 2020) compared to the first month (from March 20, 2019 to April 19, 2020), reads the statement by Central Bank of Iran (CBI), Trend reports citing CBI.
According to the report, in total, eight million checks worth 1.35 quadrillion rials (about $32.3 billion) were exchanged in the reporting period.
Checks exchanged were registered mainly in three provinces of the country including Tehran (31.9 percent in terms of number, 51.4 percent in terms of value), Isfahan (10.8 percent in terms of number, 6.5 percent in terms of value) and Razavi Khorasan (7.6 percent in terms of number, 6 percent in terms of value) are among these provinces.
More than seven million checks worth 1.19 quadrillion rials (about $28.3 billion) were received in the second month of current Iranian year. This shows an increase of 40.1 percent in terms of number and 128.4 percent in terms of value compared to the first month of current Iranian year.
CBI reported that about 999,000 checks worth 168 trillion rials (about $4 billion) were returned in the second month of current Iranian year. Return checks increased by 10.3 percent in terms of number and 428 percent in terms of value.
According to the report, the reason for the return of checks is the lack of available funds or a deficit in the account.