Ali Al Nuaimi, the head of the Federal National Council's finance committee, has called on the Central Bank to review the levels of failed cheques in the UAE in order to protect the banking system.
On Monday, The National reported that last year more than 1.5 million cheques, representing Dh55.3 billion (US$15bn) of payments, were returned as invalid when presented for payment.
The figure represents one dud cheque for every 20 used as payment last year.
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