Value Of Dud Cheques Rose To Kd 864 Million Within The First 6 Months

Cases of bounced cheques in the country have been assuming an alarming rate, considering the value of dud cheques rose to KD 864 million within the first six months of 2017, reports Al-Seyassah daily.

Official statistics from the Central Bank of Kuwait (CBK) indicate the value of dud cheques stood at KD 830 million from January to June 2016 and rose to KD 863.9 million within the same period in 2017, coming down to 6 percent increase with a difference of KD 33.9 million.

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The surge witnessed in the rate of dud cheques within the period did not indicate a proportionate increase in the number of cheques, as it only recorded a difference of one, noting 3,343 dud cheques were issued within the first six months of 2016 and 3,344 in 2017. The total value of cheques is- sued for transactions in local banks within the first half of the year was KD 14 billion, which was KD 1.8 billion higher than the previous year that recorded KD 12.3 billion at 14.5 percent rate.

SOURCE : ARABTIMES

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