Majlis Approves Funding to Disregard Bad Loan Fines

The Central Bank of Iran has parliamentary approval to receive 50 trillion rials ($1.19 billion) to start the next phases of the scheme to write-off fines on non-performing loans with the aim of reviving the principal amount, according to a member of the board of directors of the Planning and Budget Commission of the parliament. “One hundred trillion rials ($2.39 billion) had been allocated to Bank Maskan [the agent bank of the housing sector], but it used 50 trillion rials of that amount,” Hadi Qavami was quoted as saying by ICANA, the official news portal of the parliament. The MP said the remainder of the money will now be given to the central bank for implementing the loan fine forgiveness scheme.