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Iran pays out non-refundable loans to people, compensating for COVID-19 damages

02 May 2020 [16:25] - TODAY.AZ

By Trend

The Central Bank of Iran(CBI) has so far paid out $4.5 million worth of nonrefundable loans to families that receive monthly subsides, as compensation for the coronavirus-related damages, said CBI Governor Abdolnasser Hemmati, Trend reports citing IRNA.

"We are preparing the necessary sources to implement the second stage of bank advances with a 12-percent interest rate to companies and businesses that got hurt by the coronavirus spread," said Hemmati.

"It is necessary to improve the process of offering shares of public companies and banks, to create balance in supply and demand since there was a considerable turnout by people in capital market," he said via Istagram.

"With regards to the government budget deficit that was caused by oil price fall, I will insist that in the current economic situation issuing bonds is a proper way to provide deficit and prevent printing more money for the budget," he said.

"The Central Bank of Iran is ready to implement open market operation to help the government and country's economic growth," he added.

Hemmati indicated that the inflation during March 20 to April 20 has declined, while the Producer Price Index has reduced by 2.4 percent, from 1.6 percent in February 20 to -0.8 in March.

"The following approach indicate possible drop of inflation rate," he added.

Iran is one of the countries affected by the rapidly-spreading coronavirus. According to recent reports from the Iranian officials, over 95,646 people have been infected 6,091 people have already died. Meanwhile, over 76,318 have reportedly recovered from the disease.

The country continues to apply strict measures to contain the further spread. Reportedly, the disease was brought to Iran by a businessman from Iran's Qom city, who went on a business trip to China, despite official warnings. The man died later from the disease.

The Islamic Republic only announced its first infections and deaths from the coronavirus on Feb. 19.

The World Health Organization (WHO) declared COVID-19 a pandemic on March 11. Some sources claim the coronavirus outbreak started as early as November 2019.


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