The use of bills of exchange has increased by 3.6% compared to last year, said Mohamed Nkhili, an expert and professor of banking law.
Speaking to Express FM on Wednesday, Nkhili reported that about 15,000 bills are exchanged daily, stressing that they are used more by companies than by individuals.
He explained that bills of exchange are a means of credit and deferred payment. Their use has declined in recent years, mainly due to their replacement by the cheque, which is used as both an immediate and deferred means of payment.
However, since the new law on cheques introduced limits and restrictions and criminalized their use as collateral, economic operators – companies and merchants – have returned to the bill of exchange for deferred or staggered payments, which is its true function, he said.
The banking expert explained that, like cheques, bills of exchange offer a guarantee of civil recovery, provided that certain procedures are followed.
In the event of non-payment, the beneficiary can have a bailiff draw up a protest report within 48 hours and then apply for an immediately enforceable payment order within 24 hours.
