According to the Association of Banks (ABL), the total value of cleared checks retreated by a yearly 17.2% to stand at $4.9B in January 2019. Similarly, the total number of checks over the same period declined by an annual 15.61% to 860,158 checks.
In details, the value and number of checks denominated in Lebanese Pounds recorded downticks of 5.66% and 3.59% year-on-year (y-o-y) to $1.86B and 372,653 checks, respectively. As for checks denominated in foreign currency, their number and value retreated from 632,694 checks worth $3.95B in January 2018 to 487,505 checks worth $ 3.05B in January 2019.
As such, the dollarization rate of cleared checks slipped in volume and value from 62.08% and 66.76% in Jan. 2018, to 56.68% and 62.13%, respectively, in January 2018.
Regarding returned checks, it is worthy to note that the number and value of those rose by 8.94% and 7.65% y-o-y to reach 23,998 checks worth $130.7M, over the same period.
Value of Cleared Checks in January (in $M)