Page 39 - IRANRptMay21

Iran’s central bank to introduce NFC contactless payments for consumers
Iran’s central bank orders commercial lenders to provide 3-month ‘coronavirus grace period’ on loans
access to business accounts related to their company.
Business debit cards will only be issued in rial denominations and only for use within Iran.
The use of contactless cards is still under consideration; however, card readers in the country are not yet set up for such transactions.
The CBI stated that UN agencies, embassies, and other foreign entities operating in the country will also be able to apply for the new form of payment card, but written consent per card must be given by the foreign ministry.
Debit cards account for 95% of all transactions in Iran (111mn annually), CBI data shows.
The Central Bank of Iran (CBI) has announced plans to introduce near-field communication (NFC) contactless payments in the country, Iranian media outlet Press TV has reported.
The NFC technology enables consumers to upload their bank card information to their mobile phone, which they can then use to make in-store purchases at the point of sale.
CBI governor Abdolnasser Hemmati reportedly disclosed the plan in an Instagram post, saying it would “eliminate the need to use cards for day-to-day purchases in shops”. The NFC system would be “consistent with credible international standards”, he added.
Hemmati also noted that contactless payments could help consumers avoid contracting coronavirus amid the ongoing pandemic.
The central bank push to launch the NFC payment system has also been commended by the regulator as a way of cutting excessive use of plastic in cards that are normally supplied from abroad.
The Central Bank of Iran (CBI) has ordered all commercial banks to offer a three-month repayment grace period on loans to counter financial difficulties caused to people by the coronavirus pandemic.
Iranian businesses are losing millions of dollars a day due to the collapse of footfall in the country, with so many people staying indoors and not venturing out to raise their chances of not contracting the virus, also known as COVID-19.
The CBI took its decision following an approval given by the governmental Money and Credit Council to help commercial operators through the ongoing epidemic. Loan repayment deferrals from March 20 will also be available to urban and suburban travel operators, including air, road and rail enterprises. In addition, seaports will be exempt from loan repayments for the awarded three months.
8.3 Stock market
Tehran Stock Exchange chief quits amid “Black Monday” fury
The Tehran Stock Exchange (TSE) is one Iranian entity desperately in need of some good news on the sanctions front. In mid-January, the head of the TSE and the Securities and Exchange Organisation of Iran (SEO) resigned from both of his posts in the wake of a “Black Monday” market crash. Hassan Ghalibaf Asl went as angry protests grew outside the exchange building, trading was halted and the TSE website was pulled.
39 IRAN Country Report May 2021 www.intellinews.com