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Call for Delaying Banks’ Assets Auctions
Economy, Business And Markets

Call for Delaying Banks’ Assets Auctions

Government-owned Banks Coordination Council and the Association of Private Banks and Credit Institutions have jointly written a letter to First Vice President Es’haq Jahangiri, asking him to postpone the auctions for selling banks’ excess assets, on the grounds that the property market is in recession.

Bankers note that they received no bid in the previous auctions, not even at discount prices, Fars News Agency reported on Sunday. 

Bankers believe the auction should be postponed at least for a year when the market is expected to be in a better situation.

Iranian lenders have been urged to minimize their non-banking activities and sell excess assets to raise capital since their botched investments in the real-estate market caused them much pain in recent years.  

 

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