Shadow Banks Inflicted $2.8 Billion Loss on Gov’t

The government paid 360 trillion rials ($2.8 billion) to compensate losses incurred by the misconduct of shadow banks and unruly lenders in recent years, said Mohammad Baqer Nobakht, the head of Plan and Budget Organization.

Financial Tribune- Defending the performance of law-abiding lenders, he said the main problem with the banking system is the existence of uncertified credit institutions that have imposed monumental losses on the government.
“Unfair charges and criticism have been leveled against the banking sector… this is while uncertified financial institutions created a variety of trials and tribulations for the country,” Fars News Agency quoted him as saying.

Publish Date: Jun 25, 2019