Economy, Business And Markets

Noor Gets Permit

Noor Gets PermitNoor Gets Permit

Noor credit institution received its operating permit from the Central Bank of Iran on Sunday, joining the list of financial institutions that are regulated. It was one of many lenders who refused to play ball with the CBI, but it has now been brought to heel. Other formerly unauthorized credit institutions, which have complied with  the regulations, include Askarieh, Kosar and Tose’e. The central bank succeeded in bringing these influential companies—holding 20% of money supply—into the fold. The central bank started its campaign against uncertified financial institutions last year, as these lenders disrupted the money market by offering illegally high deposit interest rates, drawing money away from banks and endangering people’s savings.