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Banks to Dispose Spare Assets Worth $5.6 Billion

Banks to Dispose Spare Assets Worth $5.6 Billion
Banks to Dispose Spare Assets Worth $5.6 Billion

Banks are set to dispose of assets to the tune of 600 trillion rials ($5.6 billion) by the end of the fiscal year (March 2020), a deputy minister of economy told a press conference on Monday. 
"Omid Investment Co., National Development Group, Jahrom Power Plant, Simorgh Company and Kesht Sanat Karoun are among bank-owned companies to be offered in the capital market in the near future," Abbas Memarnejad was quoted as saying by IRIB, the sate-owned radio and TV broadcaster.
The official noted that more than 140 trillion rials ($1.2 billion) of banks surplus assets have been sold since March 2017.
"We encountered problems in the key sector…Banks' total unneeded assets are simply too big."

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