QCB issues new instructions to banks regarding bounced checks – ILoveQatar.net

QCB issues new instructions to banks regarding bounced checks – ILoveQatar.net

Qatar Central Bank (QCB) issued on Sunday new instructions and controls to limit the phenomenon of bounced checks, allowing banks to inquire about their customers and view the history of their transactions, in terms of fulfilling financial obligations, to enable banks to take appropriate decisions before issuing chequebooks.

In this context, H.E. QCB Governor Sheikh Abdulla bin Saoud Al-Thani inaugurated a new central system, to inquire about bounced checks through the Qatar Credit Bureau, which includes all bank data of the customers, who issued bounced checks due to nil or insufficient balance across the country.

Under the new instructions, the Qatar Credit Bureau issues reports in which the names of each of the individuals and companies who issued at least one check are listed and are bounced due to nil or insufficient