UAE – Mubasher: Total bounced cheques in the UAE over the past eight months has reached AED 38.2 billion through 862,750 cheques, statistics published by the Central Bank have revealed.
Bounced cheques represent 3.5% of the total cheques amounting to AED 1.1 trillion, according to the report.
Total cheques presented in the regulator’s Image Cheque Clearing System (ICCS) during August reached 2.7 million cheques worth AED 139 billion, of which 113,400 cheques had bounced worth AED 5.4 billion, the bank revealed.
The Central Bank previously stressed that banks should take the necessary measures against those whose cheques bounce back often in order to limit this phenomenon. Measures including terminating these people’s bank accounts.
