Value of cleared checks increased by 4.46% y-o-y by September

By September 2014, the number of cleared checks showed a yearly drop of 1.84% to 9.71M. Despite this decrease, the cumulative value of these checks increased by 4.46% year-on-year (y-o-y) to reach a value of $56.22B.A breakdown of these numbers revealed a 5.25% y-o-y increase in the value of checks denominated in local currency, reaching $13.56B, while checks denominated in foreign currencies rose by 3.28% compared to the same period last year to $42.66B. As for the dollarization rate by September 2014, it posted a yearly decline of 0.87 percentage points (pp) from 76.74% to 75.87%.Returned checks, accounting for 2.14% of the total value, declined by 5.01% by September to $1.2B.Regarding the month of September alone, the total value of cleared checks jumped up by 6.98% to $6.40B. Cleared checks denominated in local currency rose by 5.42% y-o-y to $1.55B, while those denominated in foreign currencies posted a 7.49% leap from September 2013 to $4.85B.

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