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UAE’s CB: increase in number, value of cheques for ICCS clearing in Q1 2013

ABU DHABI: The Central Bank of the UAE has announced that the statistics of the Image Cheque Clearing System (ICCS) for the 1st quarter of 2013 have shown an increase in the number and value of cheques presented for clearing, whereas, returned cheques recorded a substantial decrease in number and value for the same period.

The total number of cheques presented for clearing through the ICCS increased to 7.46 million in the 1st quarter of 2013 compared to 7.35 million in the 4th quarter of 2012, i.e. an increase of 1.5%, the apex bank said in a press release.

The total value of cheques increased to AED 320.87 billion in the 1st quarter of 2013, compared to AED 299.31 billion in the 4th quarter of 2012, i.e. an increase of 6.72%.

Despite the increase in total number of cheques presented for clearing, the percentage of returned cheques has decreased to 4.7% in the 1st quarter of 2013 compared to 5.06% in the 4th quarter of 2012.

Similarly, the percentage of the value of returned cheques has also decreased to 3.27% in the 1st quarter of 2013 compared to 3.83% in the 4th quarter of 2012.