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Official: Some 75,000 bank cheques bounce in Iran each day

Business Materials 23 January 2013 13:16 (UTC +04:00)

Azerbaijan, Baku, Jan. 23 / Trend F.Mehdi/

Some 75,000 bank cheques are bounced in Iran per day, ISNA quoted the Central Bank of Iran secretary general Mahmoud Ahmadi as saying.

This issue has caused an atmosphere of mistrust among people, he said, adding that those who default on their banking obligations should be deprived of such services.

On Saturday, ILNA quoted Iranian Central Bank Governor Mahmoud Bahmani as saying that unpaid loans to Iran's banking system have amounted to 720 trillion rials (about $60 billion).

Around 500 Iranian individuals owe 350 trillion rials (about $28.5 billion) to the national banking system, the Fars News Agency quoted a banking source as saying on January 8.

Fifty per cent of the banking system's total claims amounting to 350 trillion rials, surrounds these individuals, according to the source.

These are mainly among people who had received loans, but were unable to repay them, the source said.

In December 2012, the Fars News Agency quoted President Mahmoud Ahmadinejad as saying Iran's main financial problem is the outstanding bad loans of the banking system.

"Some 300 individuals hold 60 per cent of the nation's total money," he said, but added that "there is no financial shortage in the country."

At the beginning of 2012, the U.S. and its European allies imposed sanctions on Iran's oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

On October 15, the EU foreign ministers reached an agreement to impose another round of sanctions on Iran.

The embargoes followed suspicions that Iran is pursuing non-civilian objectives in its nuclear energy programme which Tehran has strongly rejected.

Iran argues that as a signatory to the Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it is entitled to develop and acquire nuclear technology for peaceful purposes.

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