Economy, Business And Markets

Reimbursing Auto Loans

Reimbursing Auto LoansReimbursing Auto Loans

The Central Bank of Iran has started allocating funds for the 250 million rial ($8300 at the official exchange rate) auto loans among banks as a part of the government’s stimulus package, said the head of CBI’s Credit Department, Ali Asghar Mirmohammad Sadeghi. He said CBI will reimburse banks for the loans as soon as they present the sales documents, ISNA quoted him as saying on Thursday. He added that the central bank has already reimbursed Bank Sepah and Bank Tejarat. Banks have been are advised not to send their documents in one go because gradual settlement of the loans will help prevent possible delays in delivering the cars to buyers. Automakers had warned earlier that the cars would be delivered before the CBI clears the loans.