Value of bounced checks down 16.6%

The Central Bank of Jordan. (File photo: Ameer Khalifeh/Jordan News)
AMMAN — The value of bounced checks fell by 16.6 percent to JD19 million in June, compared with the same period last year, according to data issued by the Central Bank of Jordan, Al-Ghad News reported.اضافة اعلان

Bounced checks amounted to JD95 million in June 2022, compared with about JD114 million the same month last year.

The rate of bounced checks to legitimate checks was 2.5 percent in June 2022, compared with 3.3 percent during the same period in 2021.

The total value of legitimate checks in June 2022 increased by 9 percent to JD3.7 billion, compared with JD3.4 billion in June 2021. The bounced checks’ absolute value declined in line with a 10.9 percent decrease in their number in June to reach about 17,000 checks, compared with 19,000 in the same period last year.

Also in June, the total value of the bounced checks due to insufficient balance amounted to JD63.3 million, while 31.2 million checks were returned for other reasons.

The Lower House recently decided not to imprison debtors in case the total debt amounts to less than JD5,000 provided that it is not a rental allowance or labor rights.

It also decided not to imprison the debtors, if they fail to fulfill a contract obligations, unless it is a lease or employment contract. 

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