Cheques worth KD 426 million bounced in 66 months in Kuwait

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KUWAIT CITY, Aug 18: The data issued by the Central Bank of Kuwait from January 2017 until the end of June 2022, checks (cheques) worth 426 million dinars bounced due to lack of bank balance, 45% of the value of these checks worth 192.7 million dinars was during the Covid-19 pandemic, specifically from January 2020 until the end of last June, but the number of bounced checks and the number of their clients since the start of the pandemic until now has declined, reports Al-Anba daily.

The data showed from July to the end of December 2022 was the highest in terms of the number of bounced checks with a value of about 82.8 million dinars, which constitutes 19.4% of the total value of bounced checks, while next was from January to June 2018 worth 44 million dinars, and third place came in the second half of the same year, with checks worth 42.1 million dinars, fourthly, for the period from July to December 2019 with a value of 37.6 million dinars, and fifth for the period from January to June 2017 with 37.2 million dinars.

The total number of returned checks for lack of balance from January 2017 until the end of last June amounted to 27,206 thousand checks, while the decline in the number of such checks since the start of the Corona pandemic has been noticeable.

The first half of 2018 recorded the highest number of bounced checks due to lack of balance in Kuwait during that period, with 3529 checks, followed by the first half of 2017 with 3329 checks, and the second half of 2018 with 2,940 checks, while the fourth half of 2019 came with 2,696 checks fifthly came the second half of 2019 with 2,696 checks.

On the customer side, the number of those who submitted checks without balance amounted to about 18,364,000 customers, and the noticeable decline in their numbers since the start of the Corona pandemic compared to before 2020. The period from January to June 2018 recorded the highest number of customers during that period by about 2543 customers, while The period from July to December of the same year recorded the second highest number of clients with 2,136 clients, while the third was the period from January to June 2019 with 2044 clients, the fourth was the period from July to December 2019 with 1834 clients, and the fifth was the last half of 2017 with 1738 clients. The figures showed that about 4,117 accounts were closed due to the return of 12,268 thousand checks due to the lack of balance for about 4,026 customers during the period from January 2017 to the end of June 2022.

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