According to ABL statistics, the value of cleared checks contracted by 4.64% on an annual basis to LBP 44,325 billion (distributed over 1,399,559 checks) in the first ten months of 2022, in comparison with LBP 46,482 billion (allocated over 2,745,805 checks) during that same period last year. Of the total value of cleared checks, 30.42% was denominated in foreign currency, versus 51.11% a year before. On the other hand, the value of returned checks fell by LBP 290 billion (41.43%) y-o-y to LBP 410 billion YTD October 2022, with the number of returned checks plunging by 56.70% to 9,693. 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 0.69% by end of October 2022, down from 0.82% 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 1.51% during the first ten months of 2021.