173 persons in Iran account for 28.5 pct of bad loans: Central Bank

Business Materials 21 January 2014 11:25 (UTC +04:00)

Baku, Azerbaijan, Jan.21

By Fatih Karimov - Trend: Some 28.5 percent of total bad loans in Iran are related to just 173 persons, IRNA said on Jan.21, citing a report by the Central Bank of Iran.

Sixty one persons owe over 1 trillion rials (about $40 million) to the banking system.

The mentioned 173 persons owe totally 7.2 trillion rials (about $282 million) to the banking system, equaling 28.5 percent of the total bad loans.

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 Mehr News Agency reported on Jan. 8.

Many factors are involved in the bad loans, such as the international sanctions and mismanagements in the banking system, Seif said.

The Central Bank has set up a special working group to follow up and collect the debts, he noted.