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Iran's bad loans amount to $32B: Central Bank


Source: Tehran Times

Bad loans of the Iranian banking system amount to 800 trillion rials (about $32 billion), Iran's Central Bank Governor, Valiollah Seif, announced on Wednesday. Special committees will be formed in bank branches in order to collect the debts, the Mehr News Agency quoted Seif as saying.

Central Bank of Iran

The administration is resolved and committed to follow up the case and return the sum to the banking system, he stressed.

In September, the World Bank removed Iran from its list of deadbeat borrowers, saying the Islamic Republic had paid outstanding loan amounts.

The Bank said that its key lending unit, the International Bank for Reconstruction and Development, "has moved all loans to the Islamic Republic of Iran from non-performing status to performing status following the payment of all overdue amounts on these loans."

The Bank had placed Iran's account on non-performing status on July 16, when the country fell six months in arrears in paying $79.1 million on nearly $700 million in outstanding loan principal.

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