AED755 billion worth of cheques handled by Clearing System in six months

ABU DHABI — A total of 15.151 million cheques worth AED755 billion have been handled by the Cheque Clearing System during the first half of the year, UAE Central Bank announced Tuesday.

Bounced cheques since January through the end of June are valued at AED33.9 billion, accounting for 4.5 percent only of the total value of cheques during the monitored period and around 4.2 percent of the total number of cheques registered by the system through its images during the first six months of the year.

On a month-over-month basis, the cheques bounced during June stood at 4.5 percent – AED4.96 billion – of the total cleared cheques, which amounted to AED111.33 billion, against 4.1 percent – AED5.6 billion – of the total cheques cleared in May, which totaled AED133.45 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 AED133 billion in value, against AED132 billion in March, AED129.5 billion in January, AED127.4 billion in April and AED121.3 billion in February.

Source: Emirates News Agency