Forex debtors given 3 months

Borrowers that have foreign exchange debt to the banking system were given three months to repay their debt, the central bank announced on Monday.

Borrowers will have to repay their debt at the exchange rate of the day they got the loans, and not at current exchange rates in rials, IRNA reported. The central bank directive is based on Article 20 of the legislation on “removing barriers to competitive production and improving the financial system.”

By Financial Tribune