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Iran banks unpaid loans hit $42 billion

Business Materials 23 May 2011 18:43

Azerbaijan , Baku, 23 May/Trend/

Iran banking system have $42 billion unpaid loans , Mehr News Agency reported quoting Head of Central Bank of Iran as saying.

Iran 's unpaid loans declined in last year (ends March 20, 2011) reducing to 13.2 percent in payment facilities, Mahmoud Bahmani said.

The previous statistics indicated $50 billion unpaid loans while bank payment facilities reached 16.8 percent.

Apart from unpaid loans, problem of returned checks indicate significant figures.

The number of returned checks comparing to traded ones in last solar year (end March 20, 2011) was 10.7 percent, a huge figure in past 30 years.

The statistics of CBI indicates $4.7 billion checks traded while $6 million have returned to banks. Therefore, 1 out of 11 checks is returned to banks.

Ahmadinejad has implemented several projects to eliminate unemployment problem in the country subjected to international economic sanctions. He also made the banks to allocate loans worth $28 billion to entrepreneurs.

The plan "Creating early profitable jobs", which lasted from 2005 to 2009, has not yielded its fruit. Unemployment rate constantly increased in the country during three years. According to official statistics, unemployment rate hit 11.1 percent in 2008, 14.1 percent in 2009 and 14.6 percent in late 2010 - early 2011.

Some citizens could not repay the loans to the banks. According to last statistics, at present the banks cannot get back loans. As the Iranian "Bank and Loan" news agency reported, at present more than seven million people cannot repay the loans issued by banks.

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