The Central Bank of Iran eventually gave its approval to boost the ceiling of mortgage loans to 800 million rials ($24,000 at market rate) from 450 million rials ($14,000). The agreement came after months of negotiations between the ministry of housing and urban development and the central bank, Eghtesad News reported on Monday.

However, the decision is yet to be confirmed on Tuesday after the Money and Credit Council meets, according to Mehr news agency. The central bank was initially opposed to the idea but a deal was finally sealed when housing ministry officials convinced the regulator on how to fund the loans.

Meanwhile, Mir Mohammad Sadeghi, credit deputy at the central bank, announced new measures to provide journalists with subsidized home loans.

Mohammadi said if the MCC gets the go-ahead from the central bank governor, it will place the issue on agenda. The initiative to provide journalists and reporters with low-interest housing loans was introduced by the former administration in 2012 but was suspended when the Rouhani administration took office in 2013.

By Financial Tribune