Value of bounced cheques declines to an all-time low

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The value of bounced cheques issued in Cyprus during 2019 declined to €1.41 mln marking a new all-time low since 2003 when the Central Bank’s Central Information Register (CIR) for bad cheques commenced operation.

According to official data, in 2019 the number of bounced cheques placed in the CIR’s preliminary list amounted to 914, compared to 908 in the previous year, which was the lowest number of cheques issued since 2003.

The highest ever value was recorded in 2009 when bounced cheques amounting to €9.3 mln were signed since 2003 the value of bounced cheques amounts to €77.8 mln.

According to the CBC data, a total of 55 bad cheques were issued in December with their total value amounting to €106,028 compared with 77 dishonoured cheques worth €105,253 in November.

Total registrations in the CIR in 2019 reached 400, of which 115 were individuals, 129 legal entities and 156 people who control legal entities. Total registrations in the CIR in 2018 was 375.

In December total registrations in the CIR reached 13, of which 4 were legal entities, 5 individuals and 4 people who control legal entities.