BAKU, Azerbaijan, May 19
By Elnur Baghishov - Trend:
Bank Melli Iran sold mortgage property worth 17.4 trillion rials (about $414.9 million), to help strengthen the country's financial system in the last Iranian year (from March 21, 2019 to March 20, 2020), Trend reports citing the bank’s official website.
The bank brought up an example in Shekafan Mining Company, which went bankrupt earlier, and it's assets are now bank's property.
“The sale of mortgage property continues as part of the Iranian government's macro policy. Thus, under this policy, banks must sell all their owned enterprises,” report said.
According to the report, the sale of a number of properties did not take place for various reasons, including employment protection, economic situation, lack of potential customers, and so on.
“However, this year, using all its potential and in accordance with the regulated programs, Bank Melli Iran will take necessary steps to fully sell the mortgage property it has in its possession,” report noted.
Over the past years, a number of enterprises in Iran have come under the control of banks and government agencies due to certain economic reasons, including lack of working capital, liquidity, etc. The Iranian government has decided to sell these enterprises to the private sector.
