Iran's government to deal with banking system debtors through judiciary

Baku, Azerbaijan, May 5

By Fatih Karimov - Trend:

The Iranian administration has sent the names of 575 national banking system debtors to the Judiciary to be dealt with.

Further, Iranian vice president Es'haq Jahangiri said the banking system's bad loans have amounted to 820 trillion rials (about $32 billion), Iran's Tasnim news agency reported on May 5.

The banking system is in a critical situation, he said, adding that high unemployment and inflation are the main concerns. On April 20, Jahangiri criticized the policies of the former administration in offering loans to small businesses.

The hasty decision of the former administration in paying loans to small businesses has led to 800 trillion rials (about $30 billion) bad loans, Iran's Mehr news agency reported.

The government will move towards transferring state shares to the private sector and paving the way for large investments in order to create more jobs, he said.

He also said unemployment rate has reached a critical level in the country. Some 700 million rials should be spent to create a single job, Jahangiri said.

Iran may face 11 million jobless by the calendar year 1400 (March 2024-March 2025) if the same economic patterns of the past decades are followed.

Iranian interior minister Abdolreza Rahmani Fazli has warned that the number of unemployed people will multiply by the Iranian year 1400, Iran's Mehr news agency reported on April 14.

The high unemployment rate among Iranian university graduates is a main concern for the Iranian administration.

On April 11, Ali Rabiei, the minister of labor and social affairs said that although each employed Iranian receives ten million rials (about $390) as monthly salary on the average, but if the inflation rate goes higher, creating more jobs will not be economically justified.

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