Bounced checks in Jordan surge by 13.5% in April

Bounced checks bank checks
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AMMAN — The number of bounced checks in Jordan witnessed a significant surge of 13.5 percent during the month of April, reaching a total of 14,600 checks compared to 12,700 checks in March, according to a recent report by the Jordanian Payment and Settlement Systems Company (JoPACC).اضافة اعلان

The JoPACC report, which analyzed statistics from the electronic check clearing system of the Central Bank of Jordan, shed light on the concerning trend of bounced checks in the Kingdom.

Financial issues are leading causeIt revealed that the total number of circulated checks in April amounted to 456,000, reflecting a notable 17.2 percent increase compared to the previous month's 389,000 checks.

Analyzing the reasons behind the bounced checks, the report unveiled that a significant majority of 60.3 percent (8,827 checks) were returned due to financial issues.

One percent (155 checks) were bounced for technical reasons, while the remaining 38.7 percent (5,663 checks) were attributed to various other causes, as reported by Al-Mamalaka TV.

Bounced checks escalate in monetary valueMeanwhile, the total value of checks circulated during the month of April reached a staggering JD3.042 billion s, demonstrating a substantial increase of 23.7 percent compared to March's JD2.458 billion.

Simultaneously, the value of bounced checks in April amounted to JD95 million, indicating a 20.4 percent increase from the previous month's JD79 million.

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