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A member of the Iranian parliament reports that the parliament is making an attempt to enforce check reformation law to organize economy.

Talking to ibena's reporter, Abolfazl Torabi said that unfortunately the number of bounced checks are approximately 1.5 million monthly and over 17 million ones annually, which is more than 150 billion toman ( about 17 million USD), reproving increasingly bounced checks in Iran.

He stressed that the fifth biggest barrier in business and the fourth one in liquidity in the country are bounced checks, clarifying roughly 42 percent of monetary transactions in Iran is done by checks, hence reforming the existing trend is very significant. Torabi added check reformation law has been considered in France, Switzerland and China.

The official mentioned that it is expected that turbulent market of bounced checks will be organized by 90 percent through enforcing the law and also granting a check book to a person would be based on his credit.

The member of the Iranian parliament went on to say that eliminating bearer checks is in line with eliminating money laundering process.

It is worth mentioning that ibena is an only specialized news agency in banking and economy areas, which is affiliated to the Central Bank of Iran.

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