Banks owned by the federal government offered 280 trillion rials ($1.2 billion) in property since January 2018, the Ministry of Economic system mentioned in a report.
Lenders offered nonfinancial property worth 130 trillion rials ($565 million) within the final fiscal yr (March 2019-20) to chop prices, in accordance the report posted on the ministry’s information portal shada.ir.
State-owned lenders offered 135 trillion rials ($586m) in property from the start of President Hassan Rouhani’s first time period in 2013 up till January 2018.
Lenders are underneath mounting strain to finish their controversial non-banking actions by eliminating costly actual property and surplus holdings. Officers estimate nonfinancial property of banks to be worth 1,000 trillion rials ($4.3b).
The property have piled up primarily because of impaired loans, dangerous money owed, settlement of presidency money owed to banks, closure of branches and failed investments.
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