During a recent news conference, central bank Director of Internal Operations Kyriacos Zigkas announced the creation of a central archive (KAP), aimed at preventing and eliminating the serious problem of returned cheques, this being apart from any legal consequences.
According to reports provided by cypria.com, last year cheques were used in 57 percent of all non-cash transactions. The amount, which accounts for 1.2 percent of all cheques issued, was returned because of insufficient funds.
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