Cyprus sees 65 per cent drop in value of bounced cheques in 2024

The value of bounced cheques in Cyprus plummeted by 65 per cent in the period from January to October 2024, according to a report released this week from the Central Bank of Cyprus (CBC).

According to the central information register, which the CBC maintains, the total value of bounced cheques recorded on the provisional list amounted to €533,524.

This represents a substantial drop from the figure of €1,536,852 recorded during the same period last year.

Moreover, the number of bounced cheques also decreased, with 252 cheques recorded from January to October 2024, down from 280 in the corresponding period of 2023.

The central information register recorded a total of 179 entries over the ten-month period, compared to 228 in the previous year.

These entries comprised 68 legal entities (down from 85 last year), 29 individuals (up slightly from 28 in 2023), and 82 individuals controlling legal entities (down from 105 in 2023).

Finally, the average number of entries per month was 18 in 2024, compared to 23 during the same period in 2023, highlighting a reduction in bounced cheque activity.