Economy, Business And Markets

Credit Card Intro

Credit Card Intro    Credit Card Intro

Central Bank of Iran released the details of the credit card scheme on Wednesday. According to CBI’s website, the new cards will be valid only for purchasing home appliances made by domestic manufacturers. Debts are to be cleared within 12 months at a 12%  and in case cardholders fail to pay their bills for six months, banks are allowed to withdraw the amount from their bank accounts. The central bank would finance the scheme up to 42 trillion rials ($1.38 billion) through the interbank market and authorized sellers--enlisted by the Ministry of Industries, Mines and Trade — will be granted 5% discount. The scheme is a part of the government’s incentive package, unveiled in October, to help domestic manufacturers to reduce their inventories and promote consumer spending.