ABU DHABI, A total of 6.641 million cheques worth AED 307.3 billion have been handled by the Image based Cheque Clearing System, ICCS, in the first quarter of the year, according to a report issued by the UAE Central Bank,UAECB today.

The statistics noted that value of cheques circulated in the first quarter of 2019 constituted 23.5 percent of the total value of cheques circulated throughout 2018, which stood at AED 1.3 trillion.

A breakdown showed that 2.28 million cheques at the value of AED 105.9 billion were cleared in March 2019, as compared to AED 118.5 billion for the corresponding month in 2018.

Value of cheques cleared in January and February amounted to AED 105.4 billion and AED 96 billion respectively.

ICCS was introduced by UAE Central Bank to improve clearing cycles of cheques and streamline the local clearing. In order to participate in the UAE ICCS banks have to have a safe, secure, efficient and robust payment application.

Source: Emirates News Agency