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Iranian banks offer loans to Justice Shares owners

Finance Materials 6 July 2020 13:15 (UTC +04:00)
Iranian banks offer loans to Justice Shares owners

TEHRAN, Iran, July 6

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Iranian banks are ready to provide loans and advances equal to 80 percent value of Justice Shares to solve people's economic problems, said First Vice President.

"The loan will be provided based on the value of the Justice Shares; people would still remain the owners of their shares and they are advised not to sell the shares for unnecessary reasons," said Eshaq Jahangiri, Trend reports citing IRNA.

"Justice Shares was an important plan; currently, around 50 million people own shares in major companies including Isfahan Mobarakeh Steel Company and Sarcheshme Copper Complex," he said.

The official noted that the government's measures and actions can not be compared with those taken by previous authorities.

"Iran is self- sufficient in gasoline and diesel production due to our projects and economic resistant plans; the country is even exporting these two products and recently we exported gasoline to Venezuela," he said. "The government approach is to resist the US pressure without bringing harm to people's lives. Trump's decision to withdraw from Joint Comprehensive Plan of Action did not cause a significant rise of foreign currency rate and we succeeded to prevent major changes in the market in 2018."

"Despite the speculations about the foreign currency rate, the government holds the position that it should not intervene in the market," Jahangiri added.

"The government has taken steps to fight coronavirus despite budget limitation and assigned $17 billion to support people; from this package, $5 billion was given to families in form of interest-free loan, $11 billion was provided to businesses that were affected by coronavirus, and $1.1 billion has been assigned to individuals that lost their jobs in the current situation," the first VP said.

"Oil was most affected by the sanctions against Iran; earlier sanctions limited the oil sale limit to 1 billion barrels per day and Iran was selling 900,000 bpd. Now they [US] said the oil sale will be reduced to zero, but they have not succeeded," he added.

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