TEHRAN, Iran, March 18
Trend:
Implementation of a new regulation of Central Bank of Iran (CBI) to delay loan payment will be monitored, a member of Monetary and Banking Institute Kamran Nadri told Trend.
"Banks are in a difficult situation; since the volume of money transfers increases during last days of current Iranian year (began March 21, 2019), it's unlikely that banks ignore the CBI's instruction," he said.
"Considering the country's special situation, most administrative problems still exist. For example, despite the call to extend water and power payment, responsible organizations are sending bills to clear delayed payments," Nadri said adding that there is a similar issue in loan payment, while banking system can not prevent sending text messages that are asking for payment.
"Deducting money from accounts for loan payment is little strange," he said. "Naturally, banks do not want to violate the CBI regulation, so the orders have been systematically redefined for them."
"In my opinion, there was not time to create specific redefinition for the systems since most of the work is done by computers," he added.
The Monetary and Credit Council has released a report on Tuesday over the effect of coronavirus on loan payment of small businesses.
The report indicates problems of business owners and especially small businesses damaged by coronavirus outbreak and highlights objective to help and support the legal individuals so payment deadline will be extended till May.
The individuals that are not able to pay back the loan due to coronavirus can pay the installments three months after the end of deadline.
CBI announcement covers 10 groups of businesses in the payment delays scenario including food production and distribution centers, tourism centers, air, road, railway and sea transportations, travel agencies, clothing producers and distributors, shoe and bag producers and distributors, confectioneries, sport and amusement centers, educational sectors and handicrafts producers and distributors.
The Central Bank of Iran stressed that all banks and credit institutions are obligated to implement the regulation immediately.