Bills on Iranian banking reforms to be submitted to Majlis

EghtesadOnline: Governor of the Central Bank of Iran (CBI) Valiollah Seif said on Sunday that two bills for reforms of Iranian banking system and of Central Bank of Iran will be submitted to Majlis this month.

News ID: ۷۳۵۲۹۵

24 July 2016

Seif said on Sunday that the bill on Iranian banking is the same as the bill on reforms of the usury-free banking law.

He noted that the two bills are compiled to reform and change the banking system and in case of cabinet approval will be submitted to Majlis.

The bill on Iranian banking law which will substitute current usury free banking law explicitly defines bank and non-banking credit institutes license of which is issued by the CBI, according to IRNA.

The bill envisions A to Zs of various banking operations and services, establishment and formation of foreign banks, the amount of shares held by foreign banks, share structure of banks in terms of private ownership and classifications, mandating institutions to provide sound information at time of formation of credit institutes, professional regulations for election of managing directors, members of board of governors of banks and institutions, formation of the risk committees and domestic audits and the regulations’ correspondence office.