More than 1.5 million cheques used for payments amounting to Dh55.3 billion (US$15.05bn) were returned in the UAE last year, according to the most recent available data from the Central Bank.
That represents one failed transaction out of every 20 cheques used last year.
The total includes cheques that bounced due to insufficient funds and those that failed to clear for technical factors such as being damaged or missing details.
This is a startling statistic. The authorities need to do something fast about it.
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