Banks Will Raise Credit Card Ceiling

The Central Bank of Iran on Sunday increased the credit card limit by four times allowing banks to offer up to 2 billion rials ($8,000) in credit.
The measure is in line with CBI efforts to institutionalize the use of credit cards as a resourceful and accessible alternative to microloans.
"Credit cards have the potential to help curb demand for loans to bank customers, raise the efficacy of the loans and ultimately allow the people from various social strata to access bank facilities," reads a press release on the CBI website.
"Credit cards should gradually replace microloans of all types," the regulator said.