Iranian Lawmakers Start Scrutinizing Banking Reform Bill

EghtesadOnline: Members of Majlis Economic Commission have commenced the process of reviewing articles of the Majlis motion to undertake long-awaited reforms in Iran's banking system and bestow the central bank with independence.

News ID: ۷۴۵۷۹۲

05 August 2018

"The commission's members have already spent four days reviewing articles of several reform plans," Zahra Saeidi Mobarakeh, a spokeswoman of the commission, was quoted as saying by ICANA.

"The main focus of the commission's meetings concerning the review [of reform plans] was to decide on the goals, duties and authority of the central bank, the bank's structure and general conditions for members of CBI's High Council," she added.

What is being reviewed by the commission includes a general reform plan devised by the parliament, which consists of several schemes, Financial Tribune reported.

President Hassan Rouhani's government was initially supposed to be the sole designer of the bank reform plans, but since it procrastinated for years in completing and officially submitting the reform bills, MPs devised their own plan and tried to push it through.

But it soon emerged that their plan had substantial flaws and needed revisions.

At present, the bank reform plan consists of a bill to reform the country's banking regulations, the Monetary and Banking Law of some 45 years ago, and additional contents provided by the government to reform the central bank.

As announced by Saeidi, the plan to establish Iran Development Bank, the country's first specialized development bank to support infrastructure plans and production, was reviewed. She said the commission will soon ready its evaluation of bank reform plans.

"The main goal of the parliament in presenting the aforementioned plans is to increase the independence of central bank and boost the efficiency and operations of the bank," she said.