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Increase in Interest-Free Loans

Increase in Interest-Free Loans
Increase in Interest-Free Loans

The Credit Commission of the Central Bank of Iran has agreed to raise the cap on Qarzol-Hassanah (interest-free microcredit) loans up to fourfold. 
According to a press release posted on the CBI website Monday, the ceiling for emergency Qarzol-Hassanah microloans gas been increased to 2 billion rials ($7,692), from the present 500 million rials. 
This is the second time the regulator has increased interest-free microloans in less than a year. Last August, the Money and Credit Council (MCC), the top banking and monetary decision-making body raised the loan ceiling from 300 million rials in the past to 500 million rials ($1,850). 

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