Business And Markets

Properties of Banks Sold for $770m

Properties of Banks Sold for $770mProperties of Banks Sold for $770m

The Deputy for Banking and Insurance Affairs at the Economy Ministry said during the one year between December 2018-19, 100 trillion rials ($770 million) worth of excess property of banks was divested. 
In a statement responding to a report by a local newspaper that cast doubts on the ability of the government to rid the struggling state banks of excess property, the agency said the excess properties came into existence via several ways, such as borrowers defaulting on loans, settlement of government arrears to lenders and investments by banks themselves. 


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