Official data revealed that the total value of bounced checks due to lack of balance in Kuwait amounted to about 426 million dinars in 66 months.
According to the data of the Central Bank of Kuwait for the period from January 2017 until the end of June 2022, 45% of the value of these checks at 192.7 million dinars was during the Corona pandemic period, specifically from January 2020 until the end of last June, but the number of checks and the number of their customers since the start of the pandemic until now has seen a decline. The data showed that the year 2018 witnessed numbers of checks without balance, which caused the closure of accounts at higher rates than the rest of the comparison years, including the Corona period and beyond, reports a local Arabic daily.
The data showed from July to the end of December 2022 was the highest in terms of the number of bounced checks with a value of about 82.8 million dinars, which constitutes 19.4% of the total value of bounced checks, while next was from January to June 2018 worth 44 million dinars, and third place came in the second half of the same year, with checks worth 42.1 million dinars, fourthly, for the period from July to December 2019 with a value of 37.6 million dinars, and fifth for the period from January to June 2017 with 37.2 million dinars.
The total number of returned checks for lack of balance from January 2017 until the end of last June amounted to 27,206 thousand checks, while the decline in the number of such checks since the start of the Corona pandemic has been noticeable.
The first half of 2018 recorded the highest number of bounced checks due to lack of balance in Kuwait during that period, with 3529 checks, followed by the first half of 2017 with 3329 checks, and the second half of 2018 with 2,940 checks, while the fourth half of 2019 came with 2,696 checks fifthly came the second half of 2019 with 2,696 checks.
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