Refah Bank Loan Penalty Waiver

Refah Kargaran Bank is set to waive fines for its debtors in line with the Central Bank of Iran’s directive, Refah bank’s website announced. If debtors return the principal amount of their debts to banks, all penalties pertaining to the interest on loans will be forgiven. This rule only includes loans with a ceiling of 250 million rials ($ 6,700), with the deadline being June 21. A year ago, lawmakers passed amendments to the 2016-17 annual budget law, based on which the parliament allowed the government to implement a provision that allows borrowers to be exempted from paying interest and fines pertaining to loans under 1 billion rials ($ 2.6 billion). They also approved the government using foreign exchange reserves of the central bank to settle up to 450 trillion rials ($ 12 billion) of payment arrears to the banking sector.