Bouncing checks value falls 54% in Q1

The number of bouncing checks in Saudi banks fell by 54 percent in the first quarter of 2012 to reach 10,575 compared to 23,212 checks in Q1, 2011, according to a report by Saudi Credit Bureau (SIMAH).
The value of bouncing checks fell to SR 1.07 billion in Q1, 2012 compared to SR 2.49 billion in the same period of 2011, a decrease of 57 percent, the report said.
The number of bouncing checks for individuals fell by 54 percent to 4,078 in Q1, 2012 and valued at SR 354 million compared to 8,779 checks in Q1, 2011 valued at SR 678 million, the report said.
Meanwhile, the value of bouncing checks for corporates fell to SR 720 million in Q1, from SR 1.81 billion in Q1, 2011, a decrease of 60 percent.
The number of bouncing checks for corporate fell by 55 percent to reach 6,497 in Q1, 2012 compared to 14,433 checks in Q1, 2011, according to the report.
Commenting on the figures, CEO of SIMAH Nabil Al-Mubarak says the figures are promising and indicate that the phenomenon of bouncing checks is declining in general but never means the awareness campaign on bouncing checks will stop, which was launched by SIMAH in 2009.