With corona around Iran’s CB eases rules for rubber checks

Financial Tribune – The Central Bank of Iran said Monday it was exempting for three months checkbook holders with bounced checks from some of rules that govern bounced checks.

Accordingly, those who issue checks with non-sufficient funds in their accounts and whose checks mature from Feb.21 to May 20 will be exempt from penalties that restrict their access to banking services, such as getting new checkbooks, IBENA reported.

The move is in line with other government measures to aid businesses that are hit hard by the impact of the coronavirus.

It appears the waivers cover restrictions on issuing new checks to avoid further harm to already troubled businesses, and excludes other penalties, such as judicial action.

The deadly virus has hit a wide range of businesses in Iran since its outbreak in mid-February. Conditions worsened after the government ordered mass closures of retail markets and services companies as part of the social distancing scheme on March 27.