The number of cleared checks showed a drop of 2.14% yearly, to 11.86M, by November. However, the cumulative value of these checks increased by 3.41% year-on-year (y-o-y) to reach a value of $68.31B.
In details, the value of cleared checks denominated in local currency grew by 6.98% annually to $16.57B, and checks denominated in foreign currencies rose by 2.32% compared to the same period last year to $51.75B. As for the dollarization rate it went from 76.56% in November 2013, to 75.75% in the same period of 2014.
Returned checks, accounting for 2.21% of the total value, declined by 1.62% by November to $1.51B.
In November alone, the total value of cleared checks decreased by 4.19% to $5.78B. Cleared checks denominated in local currency dropped by 2.49% y-o-y to $1.41B, while those denominated in foreign currencies plunged 4.74% from November 2013 to $4.37B.