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IMF urges asset quality review at Iranian banks

Iran must urgently undertake planned financial sector reforms and take steps to reduce debt, the International Monetary Fund has said.

The country must carry out an asset quality review and implement an action plan to recapitalize banks and address nonperforming loans, it said.

The government must take steps to "to reduce debt, unify the exchange rate and transition to a market-based monetary policy framework," in order to send a message about the authorities' commitment to stability, the fund said.