According to ABL statistics, the value of cleared checks rose by 11.49% on an annual basis to LBP 8,306 billion (distributed over 356,777 checks) in the first two months of 2022, in comparison with LBP 7,450 billion (allocated over 469,569 checks) during that same period last year. Of the total value of cleared checks, 36.07% was denominated in foreign currency, versus 57.37% a year before. On the other hand, the value of returned checks fell by LBP 23 billion (23.23%) y-o-y to LBP 76 billion YTD February 2022, with the number of returned checks plunging by 39.94% to 2,776. Said anemic check clearing figures come in the light of the crippled economic activity and market’s preference for cash transactions amid the strict restrictions imposed by banks on cash withdrawals.

As a result, the number of returned checks expressed as a percentage of the total number of cleared checks dropped to 0.78% by end of February 2022, down from 0.98% a year earlier. Concurrently, the value of returned checks calculated, as a percentage of the total cleared checks value fell to 0.92%, down from 1.33% during the first two months of 2021.