Palestine Check Crisis

Data from the Palestinian Monetary Authority showed that around 326,500 of the 345,400 checks returned during the first nine months of the year, through the end of September, were rejected for insufficient funds. That was 94.5% of all returned checks, or roughly 10 out of every 100 checks presented for payment. The checks were worth around $1 billion, while the total number of checks in circulation reached 3.31 million, valued at $14.53 billion. Palestinian banks, of which there are 13, tightened their procedures for issuing checkbooks because of the accumulation of shekel currency and restrictions on transferring cash surpluses.

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