Economy, Business And Markets

BMI Unveils Property Database

BMI Unveils Property DatabaseBMI Unveils Property Database

Bank Melli Iran has launched an online database including information about its properties. The move is in line with plans to promote transparency in the banking system. Barat Karimi, a board member of the BMI, said the bank is planning to increase profitability of its operations and therefore “managers should be aware of the maintenance cost of the bank’s properties,” BMI’s website quoted him as saying. He also noted that his bank is planning to help revive the economy by selling some of its assets though rent-to-own contracts, direct selling or partnerships. The high ratio of bad loans and toxic assets, which account for 42% of banks’ resources has emerged as a major challenge for the banking system. Bank Melli Iran has been successful in reducing its non-performing loans, bringing them down significantly in the previous year which ended in March.