Dh35billion in bounced cheques so far this year

The number of bounced cheques since the beginning of 2011 until the end of August, about 1.45 million cheques, worth Dh35 billion, Arabic daily Emarat Al Youm quoted the UAE Central Bank as stating in a report.

The bank is also quoted as saying: “These bad cheques accounted for 5.5 per cent of the total number of cheques that have been submitted to the cheque clearing system of the Central Bank.

The total cash deposited in the Central Bank during the first eight months of 2011 was about Dh130 billion (estimated), while the total in August alone was over Dh18 billion (estimated).

The data showed that the withdrawal of cash from the Central Bank during the first eight months of 2011 was about Dh138 billion (estimated).

The size of financial transfers between the local banks during the first eight months of 2011 amounted to over Dh5 trillion (estimated).

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