In total, over 12 million cheques worth Dh592 billion were passed through the UAE cheque clearing system.

Nearly 4.3 per cent of cheques issued by the UAE residents and entities bounced during the first half of 2018 with a total value of Dh26.2 billion, revealed Central Bank's data.

In total, over 12 million cheques worth Dh592 billion were passed through the UAE cheque clearing system, according to statistics published today by the Central Bank of the UAE.

The value of the cheques that were circulated from January to the end of May, represented around 39.3 per cent of the total value of the cheques circulated in 2017, which reached Dh1.5 trillion.

According to UAE Central Bank's May data, gross credit to private sector totalled Dh1.11 trillion by national and foreign banks, a month-on-month increase of 1.1 per cent year-on-year growth of 4.5 per cent.

Loans to individuals declined 0.1 per cent MoM but increased YoY by 2.7 per cent, amounting to Dh337.1 billion.

waheedabbas@khaleejtimes.com