Ceiling Raised on Microloans, Again

The Credit Commission of the Central Bank of Iran has agreed to raise the cap on Qarzol-Hassanah (interest-free microcredit) loans by 50%.

According to a press release posted on the CBI website, the ceiling for such microloans is raised to 3 billion rials ($6,200), from 2 billion rials.

This is the third time the regulator has increased interest-free microloans in less than a year. Last time, the Money and Credit Council (MCC), the top banking and monetary decision-making body, raised the ceiling from 500 million rials to 2 billion rials ($4,100).