The Social Security Organization (SSO) paid 880 trillion rials ($2.1 billion) in outstanding debts to banks as instructed by President Ibrahim Raisi, Solat Mortazavi the Minister of Labor, Welfare and Cooperatives told the parliament on Tuesday.

'The SSO was one of the largest defaulters according to data released by the Central Bank of Iran…This was one of the biggest debt settlements in Iran's banking history,' IBENA quoted him as saying.

The SSO is the main insurance company that covers non-state workers and offers voluntary coverage to the self-employed.

financialtribune