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UAE central bank reports $9.5bn worth of bounced cheques this year

According to figures by the UAE central bank, the number of bounced cheques issued since the beginning of 2011 until the end of August has reached around 1.45 million, worth a total of Dhs35bn ($9.5bn), Arabic Emarat Al-Youm has reported. These represent 5.5% of the total number of cheques that have been submitted to the cheque clearing system of the central bank, the apex lender said.