Baku, Azerbaijan, Apr.22
By Fatih Karimov - Trend:
Assets of Iranian banks exceeded 12770 trillion rials (about $500 billion) in the 11th month of the past Iranian calendar year (ended Feb. 19, 2014).
The figure showed 34.6 percent increase, compared to the year before, Iran's Fars news agency reported on April 22.
Based on the report, domestic banks owed a total of 620 trillion rials (about $24.3 billion) to the Central Bank, a 27.1 percent rise year on year.
The governor of the Central Bank of Iran, Valiollah Seif, has confirmed that the national banking system's bad loans have reached 800 trillion rials (about $32 billion).
The reason for bad loans, according to Seif, are international sanctions and mismanagement in the banking system itself.
The Central Bank has set up a special working group to follow up the case and collect the debts, he noted.