Unregulated state-backed marriage loans in Iran 'exploiting vulnerable children'
The Iranian state is facilitating child marriages with easily available, unregulated loans that are being used by parents to marry off their children for financial gain, a watchdog has alleged. State-owned Iran banks are offering loans to cover marriage expenses, with little or no oversight on how the money is spent, with some parents marrying off their children and pocketing the funds, the Center for Human Rights in Iran alleges. This has resulted in a massive surge in child marriages in Iran, where it is legal for a girl aged over-13 and a boy over-15 to legally marry with the permission of ...
COVID-19: FG provides N1trn loans to boost local drugs production, others
As part of measures to give economic stimulus palliatives during the COVID-19 pandemic, the Federal Government has through the Central Bank of Nigeria (CBN), provide N1 trillion loans to boost local manufacturing and production across critical sectors. The apex bank also made provision for N100 billion credit support for the healthcare industry particularly pharmaceutical companies, hospitals, and health practitioners, that want to start new or expand existing drug manufacturing or healthcare facilities. The Director-General, National Institute for Legislative and Democratic Studies (NILDS) Ab...
Financial Times: Kazakh leader’s son-in-law skimmed millions from Chinese loans
Timur Kulibayev is said to have laid a pipeline to funnel cash to himself. (Kazenergy) It is no surprise when corruption is revealed among senior government officials and their family members in Central Asia. How else can they get so conspicuously rich? It is the nuts and bolts of the heists that shed light on how governments and patronage work for their personal interests. The Financial Times today published a bombshell investigation detailing how the son-in-law of Kazakhstan’s former President Nursultan Nazarbayev, who remains the most powerful figure in the country, allegedly siphoned tens ...
BSP chief: Quicker spending by gov’t key to economic activity during pandemic
The central bank called on the national government to accelerate its own spending program to boost growth amid emerging data that the private sector remains gun shy on taking out loans, which are now at their cheapest in history, which would generate economic activity. At an online press briefing, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno cited the regulator’s record of monetary easing that has so far released over P1.9 trillion in liquidity into the local financial system, equivalent to 9.9 percent of the country’s gross domestic product. But independent observers have noted ...
Philippines Daily Inquirer
Banks’ soured loans seen to peak only in Q2 next year
Banks’ soured loans seen to peak only in Q2 next yearPrinz Magtulis(Philstar.com) – December 1, 2020 – 3:41pmMANILA, Philippines — Regulators are expecting lenders to accumulate more bad loans until the second quarter of next year, potentially discouraging banks further to extend credit to a weakening economy.“We recognize that assessment of impact may still manifest in Q1 and Q2 next year because of mandatory grace period until the end of 2020,” Chuchi Fonacier, deputy governor at Bangko Sentral ng Pilipinas (BSP), said in a text message on Tuesday.This means that the yearend forecast of a no...
Azerbaijan reveals data on loans issued to farmers over 11M2020
By TrendAround 5,623 farmers and entrepreneurs received loans and incentives for agriculture from the Agrarian Credit and Development Agency of Azerbaijan from January through November 2020, the Ministry of Agriculture told Trend.Over 65 million manat ($38.2 million) has been allocated to AKIA agricultural producers.Of these funds, more than 32 million manat ($18.8 million) were issued as microcredits and loans for other purposes, 33.4 million manat ($19.6 million) as loans to finance agricultural machinery and livestock on favorable terms.Of the loans issued, 20.6 million manat ($12.1 million...
Azerbaijani credit guarantee fund reveals data on issued loans by its agent banks
By TrendThe agent banks of the Azerbaijan Mortgage and Credit Guarantee Fund, since its creation, have issued over 31,000 mortgage loans worth 1.61 billion manat ($947 million), Deputy Chairman of the fund’s Board, Rahman Hummatov said, Trend reports.Hummatov made the speech at an online conference related to rental housing mechanisms.The deputy chairman noted that mortgage lending through the fund covers 51 districts of Azerbaijan.The volume of guarantees issued by the fund for lending to small and medium-sized enterprises (SMEs) exceeds 112 million manat ($65.8 million), and this mechanism, ...
Covid-19 dampens holiday cheer for Black small businesses
Los Angeles (AFP) - It's been a rough year for Black-owned small businesses in the United States, and the latest surge in coronavirus cases suggests a festive season without much celebration."Black Friday" normally kicks off the holiday shopping season the morning after Thanksgiving. But rising coronavirus cases have prompted fresh restrictions in Los Angeles and elsewhere.The new rules mean Hotville Chicken, a south Los Angeles restaurant specializing in "Nashville-style" spicy dishes, will have to shut its outdoor eating space after already closing the dining room. "It's going to hurt," said...
NPLs in the Cyprus banking system down by €132 million in July
Non- Performing Loans (NPLs) in the Cyprus banking system dropped by €132 million continuing their downward trajectory, assisted by disposals as well as the debt repayment moratorium in place since March until end-December, as part of the measures to tackle the impact of the coronavirus pandemic.According to data released by the Central Bank of Cyprus (CBC) on Friday, total NPLs in end-July declined to €6.57 billion representing 22% of total loans compared with €6.7 bl in the previous month. From the beginning of the year, NPLs marked a drop of €2,4 bl, mainly attributed to the sale of an NPL ...
Cyprus News Agency
Bank deposits drop, loans increase, CBC statistics for October show
Bank deposits in Cyprus dropped in October 2020, following an increase in the previous four months, while loans recorded a rise after two consecutive months of decrease, due to an increase in business and housing loans, according to data released by the Central Bank of Cyprus.The Central Bank of Cyprus released on Thursday the Monetary Financial Institutions (MFIs) Deposits and Loans Statistics for the reference month of October 2020, which are included in the November 2020 edition of Monetary and Financial Statistics.According to the statistics, total deposits in October 2020 recorded a net d...
Cyprus News Agency