Central Bank figures reveal cheques worth $95.5bn were handled by the UAE Clearing Cheque System
A total of 7.168 million cheques worth AED351.1 billion ($95.5 billion) were handled by the UAE Clearing Cheque System during the first three months of 2018, according to the UAE Central Bank.
From January to March, cheques worth AED15.7 billion bounced, accounting for 4.3 percent of the total value, state news agency WAM reported.
It added that March registered the highest amount of cheques processed through the UAE Clearing System at AED124 billion, followed by January at AED117.7 billion and February at AED109.3 billion.
The Dubai Public Prosecution activated a new penal order system late last year that allowed some offences, including bounced cheques of up to AED200,000, to be dealt with through fines rather than the court system.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.