Parliament Wants Better Interactions With CBI

EghtesadOnline: The first deputy speaker of the Majlis called for better and more developed interactions between the parliament and the Central Bank of Iran, considering the importance of the bank’s operations for policymakers.

News ID: ۷۷۳۱۱۶

12 January 2017

“Increased interactions between the CBI and Majlis are of paramount importance,” Masoud Pezeshkian was also quoted as saying by the official news website of the central bank.

“The central bank must clearly outline its expectations from the parliament and the administration and provide the legal instruments and authority required to ensure sustained financial stability, implement monetary and foreign exchange policies and establish suitable payment systems through good interactions,” he added.

Pezeshkian made the statements during a visit to CBI’s Information Technology Department accompanied by Mehdi Faqihi, the head of the Office for New Technologies affiliated with Majlis Research Center. They met with information technology officials of the central bank, according to Financial Tribune.

The first deputy speaker of the parliament also referred to criticism against the banks, saying they have been put forward because “of a lack of loan allocation” and unfamiliarity with the way the banking system works.

“The central bank needs to establish connections to familiarize applicants, the public, officials and policymakers [with the banking system],” he said.

Pezeshkian, who is also a former health minister, stressed that the parliament needs the instruments and supervisory information provided by CBI.

The parliamentary official added that this information must be sent to members of parliament in the form of strategic and understandable reports, noting that when the decisions are made based on credible information, “regulation and policymaking will help improve the current situation”. He emphasized that there is a need for strategic planning to reach long-term goals and prospects, as their lack is tangibly felt at the moment.

“That is also the reason why current data and information are not used properly,” he added.

Pezeshkian noted that organizations must know their mandate and the limitations of their authority well and also possess the tools to implement it and manage their operations.

“The parliament is ready to establish good interactions with the organizations wherever there is a legal void and whenever legal measures are required,” he said.