BAKU, Azerbaijan, May 21. Iran's first-month check exchanges fell 44.3 percent in value and 30.4 percent in quantity, in the first month of the current Iranian year (from March 20 through April 20, 2024) versus the 12th month of last year (from February 20 through March 19, 2024), the Iranian Central Bank's statistics said, Trend reports.
According to the report, checks exchanged in the 1st month of this year, compared to the 12th month of last year in Iran, amounted to more than 6.3 million checks worth about 3.86 quadrillion rials (about $91.8 billion).
The statistics note that more than 5.8 million checks worth 3.41 quadrillion rials (about $81.2 billion) were registered in the country in the first month.
Furthermore, the first month saw 529,000 checks worth 446 trillion rials ($10.6 billion) returned. The value and quantity of returned checks dropped by 45.2 percent and 33 percent, respectively.
The report indicates that the reason for returned checks is a lack of available funds or shortages.
To note, a check exchange system was established in Iran last year. Under this system, banks can verify checks transmitted to banks online for the presence or absence of money.
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