Banks Get $3b Credit to Reckon With Forex Loans

The National Development Fund of Iran has provided $3 billion in new credit to banks, head of the NDFI board of directors said on Monday.
“Each bank can allocate up to 10% of the amount it receives from this source to forex-based loans,” Mehdi Ghazanfari was quoted by IBENA as saying.
“Today we witnessed the first contract for a forex-based loan being signed between the Middle East Bank and a private company worth $7 million,” Ghazanfari said.
Applicants of forex-based loans, known as Manaei in Persian, are paid the rial equivalent of forex loans. Borrowers will pay the rial equivalent of installments based on the exchange rates on the payment day.