According to ABL statistics, the value of cleared checks contracted by 17.98% on an annual basis to LBP 17,098 billion (distributed over 732,712 checks) in the first four months of 2022, in comparison with LBP 20,847 billion (allocated over 1,256,080 checks) during that same period last year. Of the total value of cleared checks, 35.89% was denominated in foreign currency, versus 57.56% a year before. On the other hand, the value of returned checks fell by LBP 128 billion (47.06%) y-o-y to LBP 144 billion YTD April 2022, with the number of returned checks plunging by 53.21% to 5,218. 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 0.71% by end of April 2022, down from 0.89% a year earlier. Concurrently, the value of returned checks calculated, as a percentage of the total cleared checks value fell to 0.84%, down from 1.30% during the first four months of 2021.