The total value of uncovered cheques in Cyprus has decreased significantly in 2024.
This was announced by the Central Bank of the island state on Friday 10th January.
Specifically, between January and December 2024, 300 uncovered cheques were issued in Cyprus for a total of €617,873, compared to 356 uncovered cheques for a total of €1,767,912 a year earlier. These involved 202 persons (77 legal persons, 32 natural persons and 93 natural persons controlling legal persons). Incidentally, the figures have fallen and remain well below those recorded in 2014 (€3.361 million), as well as in 2013 (€5.673 million) and even more so in 2012 (€7.759 million).
The Central Bank said that all cheques were added to the preliminary list of the Central Information Repository (CIR), which is maintained by the financial institution.
The Central Bank of Cyprus also highlighted that the average monthly number of entries in the CIR fell from 23 in 2023 to 17 in 2024. From January 2020 to November 2024, a total of more than one thousand persons were registered in the CIR. Finally, between January 2020 and December 2024, more than 2 thousand bounced cheques were issued in Cyprus for more than €6 million.
The Central Bank of Cyprus stresses that it is closely monitoring the situation and urges individuals and businesses to exercise financial prudence so as not to contribute to this growing problem.