Majlis Concedes to MCC Role in Sanctioning Loans

The Money and Credit Council, the top banking and monetary decision making body, will have the final say on loans ordered by the Majlis, Mohammadreza Pourebrahimi, head of the Majlis Economic Commission, told the IRIB news agency on Saturday. 
Controversial mandatory lending has become a hot button issue among lawmakers and banking and economic stakeholders after the legislature obliged banks to lend beyond their financial ability and capacity when debating the March 2022-23 budget bill. 
 Decisions on compulsory loans must be made by the MCC next year,  the MP said, expressing the hope that assigning the task to the MCC would address central bank concerns about the potential monetary/banking repercussions of such loans.