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| 16 February, 2018

Bounced cheques in Kuwait see decline in 2017

The total number of bounced cheques fell by 6% value of 366 cheques recording 5,800 in 2017 compared to 6,200 in 2016

Image used for illustrative purpose. Kuwaiti money changer Mohammed Hussein counts Kuwait dinars in his downtown Kuwait City shop.

Image used for illustrative purpose. Kuwaiti money changer Mohammed Hussein counts Kuwait dinars in his downtown Kuwait City shop.

REUTERS/Stephanie McGehee

KUWAIT CITY - The total value of cheques presented to the local banks in Kuwait in 2017 increased by KD 3 billion from KD 23.3 billion in 2016 to KD 26.2 billion in 2017, representing a rise of 12.7 percent, reports Al-Rai daily.

Recent data put together by the daily based on official Central Bank of Kuwait statistics revealed the value of cheques rose significantly but the number of clients that were involved in the transactions did not increase in an equal manner, indicating the cheques increased by 1 percent value of 53,000 cheques worth KD 5.276 million in 2017 compared to KD 5.223 million in 2016.

On the contrary, slight difference of 0.86 percent signifying 2,108 was recorded in the number of clients that reached 246,900 in 2017 compared to 244,800 in 2016. Talking about bounced cheques that were rejected for lack of sufficient funds, its value rose by 8 percent equivalent to KD 5 million to reach KD 67.6 million in 2017 compared to KD 62.6 million in 2016.

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The total number of bounced cheques fell by 6 percent value of 366 cheques recording 5,800 in 2017 compared to 6,200 in 2016, while the number of clients involved in bounced cheques dropped by 12 percent with a difference of 473 clients representing 3,400 in 2017 compared to 3,900 in 2016.

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