Business And Markets

Banks Sold $1.13b in Surplus Assets

Banks Sold $1.13b in Surplus Assets
Banks Sold $1.13b in Surplus Assets

The minister of economy and finance, Ehsan Khandouzi, said the government has fulfilled its promise and transferred surplus assets of banks to the tune of 580 trillion rials ($1.13 billion) by the end of the calendar year (March 20). 
"This administration transferred more such assets in 18 months than the previous government did in four years. The government's plan to oblige banks to transfer surplus assets will continue until the end of 2023," newswires quoted him as saying.
Earlier reports said private and state-owned banks have sold 670 trillion rials ($1.8 billion) in surplus assets since 2015. Bank Saderat accounted for 22% or 145 trillion rials ($408.45 million) of the assets, followed by Bank Melli with 21% or 143 trillion rials ($402.8m ), Tejarat Bank 110 trillion rials ($309.8 m) and Bank Mellat 96 trillion rials ($270.4m). 
Refah Bank with 48 trillion rials ($135.2m), Bank Sepah 47 trillion rials ($132.3m) and Bank Keshavarzi with 40 trillion rials ($112.6m) were the other lenders who let go of their assets.


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