Banking Committee for Quake-Stricken Provinces

The Central Bank of Iran has ordered the establishment of a specialized committee to follow up on the implementation of banking relief measures for quake-stricken areas. The committee, headed by CBI’s deputy governor for banking supervisory affairs, Farshad Heydari, with the assistance of the head of the Coordination Council of State-Owned Banks, Mohammad Reza Hosseinzadeh, and the head of the Association of Private Banks, Kourosh Parvizian, is aimed at overseeing the allocation of bank loans in quake-hit provinces as per the priorities. It has been decided that banks will extend the loan terms in quake-stricken provinces for two years without counting the interest, while they will also receive interest-free loans by up to 100 million rials ($2,421) for each of their damaged residential units.