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NPL Penalty Waiver Ceiling to Increase
NPL Penalty Waiver Ceiling to Increase

NPL Penalty Waiver Ceiling to Increase

NPL Penalty Waiver Ceiling to Increase

Governor of the Central Bank of Iran Valiollah Seif announced that the second phase of waiving late payment penalties for non-performing loans will be implemented soon. In the second phase of waiving NPL fines, the ceiling will increase from 100 million rials ($2,800) to 250 million rials ($6,500), and detailed regulations will be announced in the future. About 22,500 billion rials ($0.6 billion) were allocated to the banking system to waive late payment penalties and they will receive 54 trillion rials ($1.4 billion) in the current year for the same purpose. Since February 2017, when the Cabinet first approved the waiver of penalties for non-performing loans, about 8 trillion rials ($213 million) in fines were waived and the banking system recovered more than 1.6 trillion rials ($426 million) in bad debt.

 

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