BAKU, Azerbaijan, August 7. Overall, 7.9 million bank checks worth approximately 5.04 quadrillion rials (about $120 billion) were exchanged in Iran in the 3rd month of the current Iranian year (May 22 through June 21, 2023), Trend reports.
As indicated in the report of the Central Bank of Iran (CBI), this shows an increase of 4.6 percent in value and 3 percent in number compared to the 2nd month (April 21 through May 21, 2023).
Circa 7.3 million checks worth 4.45 quadrillion rials (about $106 billion) were received in the country for the 3rd month, while about 659,000 checks worth approximately 585 trillion rials (about $14 billion) bounced by the country’s bank.
The reason for the bounce of checks was the lack of available funds.
Over the past Iranian year (March 21, 2022, through March 20, 2023), a check exchange system was established in Iran. Under the mentioned system, banks can assess the authenticity of checks handed over to banks online.