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FINANCIAL NEWS
Saudi bounced cheques dive 74.6% in 2012
21 May 2013
(MENAFN) The Saudi Credit Bureau announced that USD1.01 billion worth of bounced cheques were recorded last year, marking a drop of 74.6 percent from 2009, when tougher penalties were introduced, reported Arabian Business.
The bureau said that in 2009, USD3.99 billion worth of bounced cheques were reported in the Kingdom.
It added that 63 percent of the cheques were bounced in 2012 due to inadequate funds in the account.
The Kingdom passed new law that provides tougher penalties on bounced cheques, including fines of between USD26.66 and USD533.23 and jail from 15 days to 6 months, or both.
In 2012, the number of personal cheques rose by 2 percent to around 22,800, nevertheless, the value posted a decrease of 29 percent to USD346.6 million, meanwhile, corporate bounced cheques dived by 44 percent in volume terms to 22,189 and their value declined to USD666.5 million.
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