BAKU, Azerbaijan, April 12
By Elnur Baghishov - Trend
The Central Bank of Iran has prepared a number of support programs to reduce the impact of coronavirus on the economy, the General Director of Iran Central Bank Abdolnasser Hemmati wrote on his instagram page, Trend reports.
According to Hemmati, the Central Bank of Iran has planned to provide 4 percent loan of 10-20 million rials (about $237-476) to 4 million low-income families.
Hemmati added that the total cost of loans is 12 percent. So, the remaining 8 percent will be paid by the state.
The director said that in addition, 23 million families receiving subsidies will be able to receive loans at a rate of 12 percent.
Hemmati said that, with h the help of the Central Bank, Iranian banks will provide 520 trillion rials (about $12.3 billion) in 12 percent loans to affected enterprises out of 750 trillion rials (about $17.8 billion) provided by the state.
"Freezing loans for three months is a big step, given a number of problems of banks," he said.
The director added that the Iranian government and the Central Bank would like to provide more assistance to citizens and businesses. However, it is known that the US sanctions against Iran, falling oil prices and the cost of fighting the coronavirus have put the government in a difficult position. All these steps are aimed at protecting production in the country, the purchasing power of the weak masses.
Iran is one of the countries heavily affected by the rapidly-spreading coronavirus. According to recent reports from the Iranian officials, over 70,000 people have been infected, 4,357 people have already died. Meanwhile, over 41,900 have reportedly recovered from the disease.
The country continues to apply strict measures to contain the further spread. Reportedly, the disease was brought to Iran by a businessman from Iran's Qom city, who went on a business trip to China, despite official warnings. The man died later from the disease.
The Islamic Republic only announced its first infections and deaths from the coronavirus on Feb. 19.
Iran has allocated 1 quadrillion rials ($ 23.8 billion) to fight the coronavirus.
The US imposed new sanctions on Iran in November 2018. Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies and individuals.