Iran issues first local credit cards in decadesSeptember 26, 2016 - 16:24 AMT PanARMENIAN.Net - Iranian banks have begun issuing credit cards for the first time in decades, local media reported on Monday, September 26, the Associated Press reports. The report by several newspapers, including the daily Donya-e-Eqtesad or World of Economy in Farsi, said the cards will be for domestic use only and do not involve any sort of partnership with a major international credit card company. The cards are usable for purchasing products and services from Iranian online shops as well. The move is aimed at helping to boost Iran's sanctions-damaged economy. The credit limits and fee percentages will be fixed by Iran's Central Bank, although individual banks will be responsible for determining if a customer qualifies to receive a card. Cards will come in three set credit limit amounts, with a top tier of 50 million rials, or about $14,000. Bills that are not paid within a month will be subject to 18 percent APR fees. So far, Iranian banks have only issued debit and prepaid cards. The move comes following last summer's landmark nuclear deal that brought the lifting of international economic sanctions in return for capping Iran's nuclear activities. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |