Financial Tribune - During the calendar month to October 22, approximately 618,000 checks worth 103 trillion rials ($845 million) bounced, according to a report by the Central Bank of Iran.

The figure is down by 10.2% in volume and decline in value terms was 4.8%, the CBI said on its website.

Bounced checks accounted for 8.4% of the total number of checks and 12.2% of the value of checks drawn during the month.

Bad checks drawn in Tehran Province alone contributed to 7.7% and 12.2% of all bounced checks in terms of volume and value, respectively.