Moroccan Banks Reject 186460 Checks in 2nd Quarter

Miami – The second quarter in 2015 has witnessed some economic movement. Moroccan banks have rejected 186,460 checks and 183,250 bills of exchange – all due to non-sufficient funds (NSF).Interbank transactions and rejections during the second quarter were collected and reported by The Moroccan Retail Payment System (GSIMT).Reports revealed that the flow of interbank payments amount to $16.7 million in transactions, which is a 5.6% growth from 2015’s first quarter and from last year’s second quarter. The increase is due to the recovery of economic activity and domestic demand that was experienced in the 1st quarter. Checks were increased by 6.25% and transfers by 8%. During the 2nd quarter (2015), the structure of interbank transactions by type of payment instrument saw a prevalence in checks, both in number (45%) and in amount (60%). Next were bank transfers with 38% and 24%. Followed by the LCN amount with 14% and transfer orders in series with 10%.The GSIMT reports that out of those checks representing 60% of all interbank transactions, 186,460 checks were rejected. The amount of checks in the 2nd quarter totaled 7,547,736. Thus, this last period experienced a 2.47% in check rejection; 0.2 percentage points down from the 1st quarter.Moreover, the total amount of bills of exchange were 1,049,216 out of which 183,250 bills were rejected. That is a 17.47% in rejections, down 2.53 percentage points from the 1st quarter.The main reason for the rejection of these checks and bills of exchange of 1.3% and 15.7% respectively, was “non-sufficient funds” (NSF).Next to NSF, the report shows checks to be rejected for “irregular endorsement” pattern at a 0.32%; for “noncompliant signature” at a 0.28%; and, “technical reasons” in 0.19%. Other miscellaneous reasons summed 0.37%.As for the rejection of bills of exchange, “non-sufficient funds” came at a 15.68%, 1.92 points less than the 1st quarter. Other miscellaneous reasons summed 1.8%.© Morocco World News. All Rights Reserved. This material may not be published, rewritten or redistributed without permission read more