21/04/2003 12:25
Central Bank Deputy Manager, Yiangos Demetriou, told StockWatch that the Cyprus citizens have not realized the importance of the negative impacts from the issue of dishonoured cheques and have not complied fully with the new legislation introduced on February 1, 2003, despite the Central Bank’s recommendations to do so.
Mr. Demetriou stressed, however, that it is too early to draw safe conclusions as to the effectiveness of the new law that seeks to eliminate the phenomenon.
According to latest data, since February 1, 254 issuers of dishonoured cheques been “blacklisted” and have their accounts frozen.
The Central Bank revealed that the number of dishonoured cheques has reached 1,399 worth CYP 1,091,273 and blacklisted issuers are now 909 (747 natural and 162 legal entities).
Blacklisted issuers can depart from the black list three years after their enlistment and following the settlement of all bounced off cheques, twelve months after the settlement.
Mr. Demetriou stressed, however, that it is too early to draw safe conclusions as to the effectiveness of the new law that seeks to eliminate the phenomenon.
According to latest data, since February 1, 254 issuers of dishonoured cheques been “blacklisted” and have their accounts frozen.
The Central Bank revealed that the number of dishonoured cheques has reached 1,399 worth CYP 1,091,273 and blacklisted issuers are now 909 (747 natural and 162 legal entities).
Blacklisted issuers can depart from the black list three years after their enlistment and following the settlement of all bounced off cheques, twelve months after the settlement.
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