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                                        Volume. 11986
61 Iranians owe $40m each in bad loans: Central Bank
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c_330_235_16777215_0___images_stories_famous_04_cb2.jpgTEHRAN – Sixty-one Iranians owe more than one trillion tials (about $40 million) each in bad loans to the national banking system, the Central Bank of Iran (CBI) said in a recent report.
 
Moreover, 112 Iranians each have defaulted on 500-1,000 billion rials ($20-40 million) bank loans, the Tasnim News Agency cited the CBI report on Friday.
 
On May 5, Iranian First Vice President Es'haq Jahangiri said a list of 575 major defaulters on bank loans has been prepared and sent to the Judiciary.
 
“The national banking system is in a critical situation, facing 820 trillion rials (about $32 billion) of bad loans,” the Mehr News Agency quoted Jahangiri as saying.
 
There is no doubt that unemployment and inflation are the main challenges facing the government, he noted.
 
On April 20, Jahangiri said that the unemployment rate in Iran had reached a critical level. 
 
He cited unemployment as the main challenge facing the administration, adding that the problem can only be resolved through boosting the economy and attracting more investment.
 
In January, Central Bank of Iran Governor Valiollah Seif said that special committees would be formed at bank branches to collect unpaid loans.
 
The administration is resolved and committed to follow up the issue and help the banking system recover the money loaned out, he stated.

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