Economy, Business And Markets

MP Voices Support for Strict Measures Against Debtors

MP Voices Support for Strict Measures Against DebtorsMP Voices Support for Strict Measures Against Debtors

The parliament has urged immediate identification of the heavy debtors who officials say have deviated banking resources towards brokerage and speculative activities in the past decade, Mohamamdreza Poruebrahimi, a member of the parliamentary economic committee told ISNA on Wednesday.

The official called on the Central Bank of Iran (CBI) and the Money and Credit Council (MCC) to help banks collect the overdue debts as soon as possible. He underscored that the house supports the CBI’s stricter measures against the bad debtors.

The total amount of non-performing loans (NPLs) is reaching 900 trillion rials ($32.4 billion at official exchange rate). Earlier Ali Tayebnia, the minister of economy, said most the amount is owed “by customers with bad records, who received cheap loans years ago and have no intention of repaying.

“In some cases, the overdue loans are taken out by certain state-owned companies and are not even plausible to be named in public,” Poruebrahimi added. “In other cases, banking recourses have been regretfully consumed on brokerage and speculation.”