Title: New 500 Million Toman Welfare Card Unveiled to Bolster Iranian Workers and Retirees
In a significant move to enhance the economic standing of the workforce, the Iranian government has launched a new support initiative: a 500 million Toman welfare credit card for workers and retirees. This program, a collaboration between the Workers’ Welfare Bank and the Central Bank of is designed to directly increase the purchasing power of this vital segment of society.
A Strategic Economic Initiative
The program was formally announced by Dr. Esmail Lalehgani, CEO of the Workers’ Welfare Bank, who confirmed the credit ceiling has been set at 500 million Tomans. The card features a 5.25% interest rate with a 24-month repayment period, providing a structured and accessible financial tool for beneficiaries.
Dr. Lalehgani emphasized that this action is a key part of the government’s broader strategy to improve the national economic landscape and support the production sector. “The most important way to help workers is to revitalize production units and create sustainable employment,” he stated during a visit to production facilities in Sirjan, where he also highlighted the economic development potential of the Kerman province, particularly in the steel sector.
Central Bank’s Role in Development Financing
The initiative is further strengthened by the Central Bank’s decision to increase the credit limit for welfare cards linked to “GAM” securities from 300 million to 500 million Tomans. This step marks a crucial effort in financing developmental and livelihood projects.
Dr. Shirijian, the Central Bank’s Deputy for Monetary Policy, outlined the scale of this financial instrument, noting that the target for issuing deposit certificates this year is 330 “Hamt” (a unit of 10 trillion Tomans). He stated that this mechanism has the capacity to finance up to 617 Hamt worth of development projects and working capital, underscoring its significant role in the nation’s economic planning.
Key Features of the Welfare Card Program
- Credit Ceiling: 500 Million Tomans
- Interest Rate: 5.25%
- Repayment Period: 24 Months
- GAM Securities Maturity: 6 Months
The comprehensive rollout of the welfare card scheme is expected to not only alleviate daily economic pressures for workers and retirees but also inject vital capital into production units. Such measures are positioned to play a critical role in improving the overall livelihood of the community amidst the evolving economic landscape.