Iranians write $28.5 billion in bad cheques

Iran Materials 15 May 2012 14:47 (UTC +04:00)

Azerbaijan, Baku, May 15/Trend M. Moezzi

More than $28.5 billion (350,000 billion rials) in cheques were written in Iran and returned because of insufficient funds last year.

The Central Bank of Iran's data shows a total of 51.4 million cheques worth more than $600 billion were written last year (Iran's solar year ended on March 19) the Iranian Students' News Agency (ISNA) reports.

About 12 per cent of those cheques that is 6.4 million were returned. That's an 8.9 per cent increase from the previous year.

Inadequate funds, unmatched signatures, unforeseen bank closure are some of the reasons why cheques are returned, according to the central bank.