Number of Bounced Check Offenders Rises
The number of individuals banned from issuing checks in the Turkish Republic of Northern Cyprus (TRNC) increased by 18% in the January-September 2024 period compared to 2023, according to the TRNC Central Bank.
In the third quarter of 2024, 268 individuals faced check bans, marking a 42% increase compared to the same period in 2023 and a 31% rise from the April-June 2024 quarter. Data shows 171 individuals were banned in the January-March period and 167 in April-June.
Highest in Three Years
In the first nine months of 2024, 606 individuals were banned from issuing checks, surpassing figures for the same period in both 2022 (559) and 2023 (515). However, these numbers remain below the peak levels of 2021 (1,037) and 2020 (1,216).
Economic Woes Drive Surge
Economists link the rise in check bans to worsening economic conditions. Following the severe economic crisis of 2022, financial difficulties persisted and intensified in 2023 and 2024. Experts predict the number of banned individuals may reach record levels in the coming months, rivaling the all-time high of 3,842 bans recorded in 2012.
Source: Gıynık
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