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12° Nicosia,
25 June, 2024
 
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Almost 253,000 euros in bounced cheques in early 2024

Central Bank Data highlights escalating concerns over unreliable financial transactions

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Cyprus grapples with a surge in bounced cheques, as revealed by recent data from the Central Bank of Cyprus. The total value of these unreliable transactions skyrocketed to 252,988 euros in the first four months of 2024, marking a concerning trend in financial instability.

Comparing figures across recent years sheds light on the severity of the issue. Preliminary records indicate 108 bounced cheques during the same period in 2024, a notable decrease from the 356 reported throughout 2023. However, the sheer scale remains alarming, with 473 bounced cheques in 2022, 363 in 2021, and 454 in 2020.

The monetary consequences are significant, with the total value of bounced cheques in the first four months of 2024 reaching a staggering amount. In contrast, 2023 saw a total value of 1,767,912 euros, followed closely by 1,518,669 euros in 2022, 933,945 euros in 2021, and 741,700 euros in 2020.

Moreover, registrations in the Central Information Register for issuers of bad checks continue to climb, with 78 recorded in the first four months of 2024 alone. This upward trend mirrors previous years' data, highlighting the persistent challenge posed by unreliable financial practices. In 2023, the total registrations for the year stood at 274, with 255 in 2022, 179 in 2021, and 186 in 2020.

As Cyprus navigates these financial hurdles, stakeholders are urged to implement effective measures to curb bounced cheques and promote financial accountability in the country.

[Information sourced from CNA]

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Cyprus  |  banks  |  economy

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