Banking crisis

Iran banks have $48 bln in bad loans - Central Bank

TEHRAN (Reuters) - Iran's state-dominated banking system has $48 billion in non-performing loans and it is on the verge of a crisis, the Islamic Republic's central bank governor said in comments published on Monday. "

How would it be possible for the banking system to show any profit with $48 billion worth of loans in arrears," the Ettelaat newspaper quoted Governor Mahmoud Bahmani as saying. Referring to a lending spree in recent years, he said: "Of course, the reality must be accepted that the opening up of the banking system's resources sack in the past few years has brought them (the banks) to the brink of crisis."

Iranian state TV report: