Banks Must Share Loan Contract With Borrowers

Banks and credit institution henceforth must submit a copy of the loan contract to borrowers, the Central Bank of Iran said.   
The copy must bear the same legal value as the original the contract, the CBI said in a press release published on its website.
Obliging lenders to share details of loan contracts with borrowers is with the aim of improving transparency and exposing any potential misdeed, namely compound interest rates and penalties for defaulters.