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AED 755 billion worth of cheques handled by Clearing System in six months.

AED 755 billion worth of cheques have been handled by the UAE's Cheque Clearing System during the first half of the year, according to an announcement by the UAE Central Bank. This amounted to 15.151 million individual cheques.

AED 33.9 billion, was registered in bounced cheques, accounting for 4.5 per cent of the total value of cheques during the monitored period, and around 4.2 per cent of the total number of cheques registered by the system through its images during the first six months of the year.

The total amount of cheques bounced during June was 4.5 per cent - AED 4.96 billion - of the total cleared cheques, which amounted to AED 111.33 billion, against 4.1 per cent - AED 5.6 billion - of the total cheques cleared in May, which totaled AED 133.45 billion.

The number of rejected cheques in June declined to 94264 against 107797 in May.

The month of May was the most active in terms of the value of circulating cheques, hitting AED 133 billion in value, against AED 132 billion in March, AED 129.5 billion in January, AED 127.4 billion in April and AED 121.3 billion in February.

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Publication:CPI Financial
Date:Aug 16, 2017
Words:217
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