Iranian banks borrow money from Central Bank
Azerbaijan, Baku, Jul.8/ Trend F.Milad/
Iranian banks have borrowed money from the Central Bank as they have paid financial facilities more than their assets, the Mehr News Agency quoted Central Bank Governor Mahmoud Bahmani as saying.
"Despite the West's sanctions against the Central Bank, the banking system managed to meet demands of the domestic market," Bahmani added.
The total assets of the banking system amounted to 3.866 trillion rials (some $315 million) in last calendar year, which ended on March 19, he noted.
Bahmani has said that his country will not remain "passive" before a new EU embargo on the country's oil sector, adding that Tehran has enough hard currency reserves to meet its import needs.
The European Union's oil embargo on Iran took effect on July 1 and a new U.S. law that penalizes countries that do business with the Central Bank of Iran by denying their banks access to the United States market. The law came into force on June 28.