Banking Bills Under Review

EghtesadOnline: The government has not stopped reviewing the two banking reform bills, said the vice governor of the Central Bank of Iran rejecting earlier claims about the bills being returned to the CBI.

News ID: ۷۷۴۴۳۵

07 March 2017

“Banking Reform Bill and Central Bank Bill are being reviewed regularly by a special committee after the Cabinet’s weekly meetings,” Akbar Komijani was quoted as saying by IBENA on Monday.

“We are planning to focus on key issues and modify the necessary parts. The banking reform bill is being reviewed carefully every Wednesday after the ministers’ meetings.”

Seyyed Abbas Mousavian, a member of the bank’s Fiqh Council, announced on Saturday that the two banking bills have been sent back by the Cabinet for the CBI and the Ministry of Economic Affairs and Finance to conduct more reviews on them, according to Financial Tribune.

Mousavian claimed that the Cabinet, which was supposed to ratify the draft bill before forwarding it to the parliament for final approval, had found shortcomings in them.

Asked about the finalization of the draft bill by the government, Komijani said, “It is a time-consuming process … It is not possible to predict when the two bills will be sent to the parliament.”

Majlis Economic Commission had announced late October that the longstanding reform bills would be finalized in the parliament before the end of the current fiscal year in March.

The Banking Reform Bill defines the duties of the banks and non-bank credit institutions, explains all banking operations and services, sets up a professional set of criteria for selecting new chief executives and board members, and makes provisions for setting up internal risk and auditing committees.

The Central Bank Bill is aimed at bolstering its independence, enhancing monetary policymaking and increasing its supervision over the financial market.