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Wed 21 Jun 2017 04:42 PM

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Bounced cheques in UAE total $7.8bn in first five months of 2017

Dishonoured cheques make up 4.5% of total value of $175bn handled by UAE Clearing Cheque System

Bounced cheques in UAE total $7.8bn in first five months of 2017

A total of 12.9 million cheques worth AED643.7 billion ($175 billion) were handled by the UAE Clearing Cheque System during the first five months of 2017, according to UAE Central Bank data.

Nearly AED29 billion ($7.8 billion) worth of these cheques were bounced, accounting for 4.5 percent of the cheques' total value, stte news agency WAM reported on Wednesday.

The total value of dishonoured cheques during the first five months of 2017 fell by 7.3 percent against the same period last year, it added.

On the monthly level, the total amount of cheques dishonoured through the UAE Clearing System declined 4.1 percent, the figures showed.

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