Companies had more money in their accounts in September so thatthe number of cases when banks were unable to cover the cheques orpromissory notes they used was down compared with the previousmonth.
Analysts, however, warn that one cannot talk about a trend yetand even expect the situation to get worse over the comingmonths.
The amounts of the declined payments with debt instruments(promissory notes, cheques and bills of exchange) went downunexpectedly by more than 150 million RON (some 36 million euros)in September, compared with the record level of over 900million-RON in the previous month, NBR data reveal.
The value of the debt instruments involved in declinedtransactions went down to 779.4 million RON, considering declinedbills of exchange fell by more than 320 million RON.
Debt collection specialists had previously anticipated that thenumber of declined payments could exceed one billion RON inSeptember as a result of the worsening economic situation.
Analysts, however, say that this decline is temporary given thatthe economy will not recover from the recession any sooner than thesecond half of next year.
"This simply happened. Normally the value of the amounts ofdeclined payments will resume growth, because we are talking anarrearage here that cannot be mended even by banks," said DragosCabat, member of the Board of Directors of the Association ofChartered Financial Analysts (CFA Romania).
At the same time, the number of declined payment instruments wasslightly up to 38,825 cases, contributing to the decline of theaverage value per transaction from more than 24,000 RON in Augustto some 20,000 RON in September. The decline in the average valueof transactions might indicate bigger cash flow problems for smalland medium-sized companies.
On the other hand, the arrearage in the economy shows in theamount of transactions involving cheques, where the value ofdeclined payments tripled in September despite a 13% decline in thenumber of bounced cheques.
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