TEHRAN - The Economy Council approved a new regulation on Monday according to which the Iranian banking system should collect the debts of legal and corporate entities, occuring from the difference in hard currency rates, within a period of five years. In its Monday session, presided over by President Mohammad Khatami, the council approved implementation of para 'G' of note 29 of the State Budget Law for the current Iranian year (started March 21).

According to the new regulation, banking debts accuring from difference between the rate of the hard currency importers deposit with banks for their investment-production goods and the floating rate when the relevant establishments start operation, will be paid within five years. The new circular stressed that products of ministries and state-run companies and institutes with fixed prices are not subject to the new regulation.

(IRNA)