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Veraz: Argentines Use 10mn Checks per Month

Bnamericas Published: Tuesday, June 01, 1999
The number of checks being cashed in Argentina has risen to 10 million a month despite sluggish economic growth, a report from local financial information provider Veraz. Since 1994, the number of checks passing through clearing houses has fluctuated between eight and 10 million a month, reaching the last figure at the end of March. The average value of checks written has fallen to US$2,650 per check at March 1999, down from US$4,100 per check average in December 1994. This decline is a sign of greater banking activity in Argentina, which is characterized by the rise in the number of current accounts, to 2.9 million in February 1999 from 1.7 million in January 1996. Security is another factor in the increased use of checks, due to the higher risk associated with carrying cash - as well as the need to document financial transactions - Veraz said.

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