Economy, Business And Markets

Iran State Banks Shed $3.2b of Excess Assets in 5 Years

High-level officials were in parliament on Tuesday to present the latest figures concerning divestment of banks’ excess assets
Masoud Karbasian attends the parliament’s open session on April 24.Masoud Karbasian attends the parliament’s open session on April 24.
Non-bank shares of banks and credit institutions at the end of the fiscal 2016-17 were valued at 292 trillion rials ($6.95 billion), the finished value of shares sold in that year was equal to 49 trillion rials ($1.16 billion), and additional shares worth

Iran's state-owned banks have sold excess assets worth 135 trillion rials ($3.21 billion), which included real estate, company shares and other resources, from the beginning of President Hassan Rouhani's first tenure in 2013 until now, the minister of economic affairs and finance said.
Masoud Karbasian divulged the figure early Tuesday in the latest open session of parliament where he and other high-level officials presented a report on the asset divestment scheme, reported ICANA, the official news outlet of the parliament.
The scheme is being implemented to relieve banks of excess assets, return to their original mandate of eliminating non-banking activities and redirect frozen funds toward local production.
According to Karbasian, 99 trillion rials ($2.35 billion) of the state-run banks' assets were sold by the end of Rouhani's first tenure in early August while the rest have been divested since. 
The minister also set an ambitious goal and said the number is hoped to reach 300 trillion rials ($7.14 billion) in the coming months.


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