By October 2014, the number of cleared checks showed a yearly drop of 1.80% to 10.83M. Despite this decrease, the cumulative value of these checks increased by 4.17% year-on-year (y-o-y) to reach a value of $62.53B.
A breakdown of these numbers revealed a 7.96% y-o-y increase in the value of checks denominated in local currency, reaching $15.15B, while checks denominated in foreign currencies rose by 3.02% compared to the same period last year to $47.38B. As for the dollarization rate by October 2014, it posted a yearly decline of 0.85 percentage points (pp) from 76.62% to 75.77%.
Returned checks, accounting for 2.16% of the total value, declined by 3.23% by October to $1.35B.
Regarding the month of October alone, the total value of cleared checks rose by 1.64% to $6.40B. Cleared checks denominated in local currency rose by 4.62% y-o-y to $1.59B, while those denominated in foreign currencies edged up by 0.68% from October 2013 to $4.73B.