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Value of cheques issued in Saudi Arabia hits SAR55 billion in July

Data shows decline on an annual basis by 23.5 per cent, compared with the same period last year.

The value of cheques issued by individuals and companies in the Saudi banking system declined on a monthly basis by 20.8 per cent or SAR14.4 billion.

The total value of issued cheques amounted to SAR54.8bn during July 2015, compared with SAR69.2bn during June 2015.

Saudi-based Al Eqtisadiah says that the value of issued cheques declined on an annual basis by 23.5 per cent or SAR16.8bn, compared with SAR71.6bn during July 2014.

The number of issued cheques recorded monthly declines in July by roughly 178,000 cheques to 442,000, compared with 620,000 issued during June 2015.

The number of issued cheques also recorded a decline on an annual basis by 48,000, compared with the number recorded in the same period last year, which amounted to 490,000.

The total value of cheques issued by individuals reached approximately SAR40.3bn during July 2015, accounting for nearly 73.5 per cent of the total value of cheques issued, registering a decline on a monthly basis by 17.9 per cent, or nearing SAR8.8bn, compared with the levels that were recorded during June 2015, which amounted to roughly SAR49.02bn.

The value of cheques issued by companies declined by 28 per cent, or approximately SAR5.6bn, to reach nearly SAR14.53bn during July, compared with SAR20.2bn during June of 2015.

(SAR1 = AED 0.98, at the time of publishing)