Iran government taking steps to increase banking facilities

Business Materials 6 June 2016 19:36 (UTC +04:00)

Tehran, Iran, June 6

By Mehdi Sepahvand - Trend:

The Iranian banking system should work towards increasing its ability to offer facilities, said Minister of Economy Ali Tayebnia speaking to a number of banking officials at a conference June 6.

He announced that the Ministry of Economy and Finance is preparing a bill to help increase the number and amount of banking facilities, IRNA news agency reported.

Iranian banks and credit institutes paid close to 2,200 trillion rials ($73.7 billion, for each US dollar making 29,825 rials) facilities in the first eight months of the previous Iranian fiscal year (from March 21, 2015 to March 20, 2016).

Earlier, Iranian economist Abolqasem Hakimipour said 80 percent of the country's bank facilities go into non-productive plans.

There is over 1,000 trillion rials (over $35 billion) outstanding debts without any collateral in the country, Nasser Seraj, head of Iran's General Inspection Office, an affiliate of the Judiciary of the Islamic Republic, said back in April 2015.