The value of checks returned in the first five months of this year rose by KD 11 million, or 2%, compared to the same period last year, according to Central Bank data.

 The value of checks returned during the first five months of 2019 was about 686 million dinars compared to about 675 million dinars in the same period of 2018.

 The increase in the absolute value of the returned checks led to an increase in the percentage of checks traded in the first five months of this year to 4.1% compared with 3.6% in the same period last year.

 Meanwhile, the value of traded checks (submitted for clearing) decreased by 9.3% in the first five months of this year to reach KD 16.728 billion compared to JD18.45 billion in the same period last year.

 Chairman of the Amman Chamber of Commerce, Khalil Al-Haj Tawfik, said that the decline in sales volume significantly due to lack of liquidity, whether by traders or citizens, led to an increase in the value of checks returned.

 Al-Haj Tawfiq said in an interview with Al-Ghad, commenting on the check statistics, that the banks' tightening of facilities and increasing the conditions and guarantees on traders increased the problem of checks.

 He pointed out that businesses are tightening because the risk has increased for lack of liquidity and the grace period for repayment is low.

 Al-Haj Tawfiq expected the value of the checks to be increased and the government should take care of this dangerous phenomenon.

 It should stimulate growth by increasing public demand, specifically by revising the sales tax. In turn, the economic expert, Mohamed Bashir, agreed with Haj Tawfik, stressing that lack of liquidity in the hands of people is the main reason for the increase in the value of checks returned.

 Bashir stressed that the economic stagnation and the failure of many citizens and traders as a result of high burdens and obligations exacerbated the problem.

He agreed with Hajj Tawfiq that the problem should be addressed by the government by revising the sales tax and improving the wages eroded by the burden.

 Return on checks returned; the absolute value rose despite the decline in the number in the first five months of this year by 1.1% to about 187 thousand compared to about 190 thousand checks in the same period of 2018.

 While the absolute value of checks returned due to insufficient balance in the first 5 months of this year increased by 6.2% to reach about 442.8 million dinars, about 122 thousand checks compared with about 416.7 million dinars, about 117.8 thousand checks.

 On the other hand, the value of checks returned for other reasons declined by 6% to reach KD 243 million in the first five months of this year compared to KD 258.3 million in the same period last year.

 The total value of checks returned last year rose by 110 million dinars, or 7% compared to 2017.

 The value of checks returned during the last year about 1.7 billion dinars, compared with about 1.59 billion dinars in 2017.

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