The procedure for obtaining collateral for overdraft was announced
According to the report of Iran Economist, citing the public relations of Central Bank, following the circular No. 14308/01 dated April 23, 1401, of the Council of Money and Credit regarding the notification of part (3), paragraph (d), note (16) of the single article of the budget law of 1401 , stating that “granting new credit to banks and non-bank credit institutions without receiving collateral in the form of a credit line or overdraft, by central bank it is forbidden. The type and amount of documents acceptable under this clause are determined by the Money and Credit Council. These matters were raised and decided in the meeting of the Money and Credit Council on July 14, 1401; The central bank, in accordance with the guidelines approved by the executive board, in granting credit or in terms of overdraft for banks and non-bank credit institutions, with priority over obtaining collateral; 1- Government securities issued by the national treasury, 2- Currency, 3- Gold, 4- Corporate bonds, 5- – Shares issued in Tehran Stock Exchange and Co Iran Exchange (with the exception of the shares of banks and non-banking credit institutions) and 6- Malik, to take action and collect his claims from the collateral obtained in case of non-fulfillment of the obligations of banks and non-banking credit institutions.
Based on the authority mentioned in the resolution, “Procedure for obtaining collateral from credit institutions for overdraft and transfer and sale of received securities” was prepared and approved in the meeting dated 12th of Shahrivar 1401 of Central Bank Executive Board, a copy of the aforementioned procedure for information is sent
Arrangements for obtaining collateral for granting credit to banks and non-banking credit institutions, which are referred to in part (3), paragraph (d), note (16) of the single article of the budget law of 1401 of the whole country, are subject to the provisions contained in the “procedure for obtaining collateral from institutions” It will not be a credit for overdraft and transfer and sale of securities received” and will be subject to special rules announced by the central bank’s monetary and credit operations department.