According to the Association of Lebanese banks (ABL), the number and value of cleared checks declined by 10.81% and 11.90% year-on-year (YOY) to 2.65 million and $14.82 billion in Q1 2019.
The number of cleared checks in Lebanese Pounds registered a slight YOY uptick of 0.16% to 1.14 million while the value of the LBP checks slid by 0.98% YOY to reach $5.48 billion in the first quarter of the year.
As for the number and value of cleared checks in foreign currencies, they registered double-digit drops of 17.61% and 17.25% YOY to reach 1.51 million and $9.35 billion over the same period.
57.02% of the total number of cleared checks in Q1 2019 was denominated in foreign currencies, down from 61.73% in Q1 2018.
The share of returned checks in the total number of cleared checks rose from 2.15% in Q1 2018 to 2.58% in Q1 2019.
Value of Cleared Checks – In millions of USD