Bounced cheques jump higher in August

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Bounced cheques issued in August amounted to €75,840 marking an increase of 72% in value compared with the previous month, data released by the Central Bank of Cyprus show.

According to the CBC, 39 bounced cheques were issued in August from 33 in the previous month while the value of bounced cheques rose to €75,840 compared with €43,949 in July 2020.

For the eight-month period of January to August, the number of bounced cheques amounted to 282 compared with 629 in the same period of 2019, marking a decline of 55%.

This is mainly attributed to the two-month lockdown enforced by the Cypriot authorities as part of measures to limit the spread of coronavirus.

The value of bounced cheques issued in the period of January – July 2020 amounted to €523,702 compared with €1 mln in the same period of 2019, marking a reduction of 48%.

Total registrations on the Central Bank blacklist for January-August reached 182.