Close to two dozen bounced cheques were issued in May, the Central Bank of Cyprus said on Tuesday, adding they were from six legal entities and individuals. The CBC reported that 23 bounced cheques amounted to €36,910.
January-May 2024 Overview
In the period January-May 2024, according to data released by the CBC, 131 bounced cheques with a total value of €289,898 were registered in the preliminary list of the central information archive. This is a noticeable decrease compared to 162 cheques in the same period last year, which had a total value of €435,485.
Bounced cheques in the first five months of this year concerned 60 persons, comprising 41 legal entities and 19 individuals. This data highlights a trend that may interest financial analysts and business owners alike.
Long-term Trends
Since January 2020 to date, a staggering 1,777 bounced cheques have been issued, worth €5,252,124. This long-term data provides a broader perspective on the issue of bounced cheques within the Cypriot economy.
The Central Bank of Cyprus continues to monitor these trends closely, offering insights that could be crucial for both legal entities and individuals managing their financial transactions. The decrease in bounced cheques this year compared to last year might indicate improved financial practices or more stringent banking regulations.
As the CBC continues to release such data, stakeholders in the financial sector will be better equipped to understand and respond to these fluctuations. The ongoing monitoring and reporting by the Central Bank of Cyprus serve as an essential tool for maintaining financial stability and transparency within the region.
