TEHRAN – The managing director of the State Cooperative Fund announced here on Monday that the institute will be changed to Cooperative Guarantee Fund.

Mashallah Azimi added that the government earmarked five trillion rials ($539.3 million) for the fund, announcing the establishment of a related insurance institute is the other plan for the fund.
He said that the fund is the country’s first financial institute that adopted a strategy to decrease the banking interest after the president’s order