**Title: €37,188 of Cheques Bounced in June in Cyprus**
The Central Bank of Cyprus has reported a notable increase in the value of bounced cheques for June 2023, amounting to €37,188. This figure represents a rise from the previous year, despite a modest increase in the number of bounced cases.
In June 2023, a total of 16 cheques were recorded as bounced, an increase from 13 in June 2022. The combined value of these bounced cheques has also seen a significant rise, up from €28,296 a year prior. This trend highlights a growing concern regarding cheque reliability in the region.
Despite the increase in value and number of cases in June, the overall statistics for the year indicate a decline in bounced cheques. From January to June 2023, there were 25 bounced cheques totaling €94,551, which is a decrease from 50 cheques valued at €84,555 during the same period in 2022. This suggests that while June experienced a spike, the broader trend for the first half of the year points to a reduction in cheque-related issues.
The bounced cheques involved a diverse group of 58 entities, including 39 legal entities and 19 individuals. This distribution indicates that both businesses and individuals are facing challenges related to cheque payments.
The Central Bank's report sheds light on the financial landscape in Cyprus, where the use of cheques remains a common practice, yet is accompanied by risks that can affect both personal and business transactions. As the economy continues to evolve, stakeholders may need to consider alternative payment methods to mitigate the risks associated with bounced cheques.
Overall, while June's figures may raise concerns, the declining trend for the first half of the year offers a more optimistic view of cheque reliability in Cyprus.