TEHRAN – Governor of Central Bank of Iran (CBI) said the banking system is going to offer low-interest-rate facilities to more than four million people to compensate the financial damages resulted from the coronavirus outbreak, IRIB reported.

“Bank loans are set to be paid to four million people at a 12-percent interest rate, of which eight percent is paid by the government and only four percent is going to be paid by the borrower,” Abdolnaser Hemmati said.

Speaking on the sidelines of a meeting with the representatives of various economic sectors on coronavirus outbreak, Hemmati noted that the installments of the mentioned loans will be reduced from their cash subsidies every month.

“Those whose businesses have been affected or have been damaged and cannot afford to pay their bank loans are also given a three-month break to make their payments and even after three months the banks will review their files and provide the necessary assistance,” the official said.

Earlier on Friday, Hemmati announced that the CBI has asked the International Monetary Fund (IMF) for $5 billion in emergency loans to help the country contain the spreading virus and mitigate its effects on the economy. 

In a note on his Instagram account, the CBI governor referred to a statement by the IMF chief earlier in the month, who said the fund would offer $50 billion in loans to countries grappling with the pandemic.

EF/MA