Iran to fine offender banks
Azerbaijan, Baku, July 2/ Trend N. Umid/
The Central Bank of Iran will fine those banks which raise the interest rate for credits above the approved figure, Governor of the Central Bank of Iran, Mahmoud Bahmani said, Tasnim news portal reported.
"The value of the fine will be equal to 100 per cent of the excess amount of received credit,"Bahmani added.
The annual interest rate for credits was determined at 21 per cent by the Money and Credit Council of Iran for the last solar year which ended in March 19, 2013 and has not been changed since.
The total value of unpaid debts to banks exceeded $65.2 billion, based on the official 12,260 rial to the USD rate at the end of the last solar year according to the non-official statistics.