$500 Million Given in Collateral-Free Loans

Banks and credit institutions gave 160 trillion rials ($516 million) in collateral-free loans after the government announced a new lending program in January.  
According to a press release of the Economy Ministry, the loans were given to 475,448 applicants from mid-January to July 22, marking the end of the last calendar month. 
Collateral-free loan refers to the government’s scheme obliging banks to lend to salaried workers and retirees, under pressure due to the high and rising cost of living, without demanding collateral or other guarantees.