In a ceremony in Tehran this week, Iran’s finance minister Ehsan Khandouzi has announced the launch of the first banking scheme to allow businesses to use factoring services. This launch is part of a larger government programme to support private and state companies to get funds without relying on finances generated from the oil export revenues.
The success of the factoring product is dependent on banks’ ability to sell it to their customers. The Ministry of Finance is pressing banks to start factoring since 2019, but only this year managed to find the formula to push it on the market.
