Plan to Organize Iran Shadow Banks

EghtesadOnline: Governor of the Central Bank of Iran has released a statement reassuring the public that the bank is determined to end the lengthy saga of uncertified credit institutions, the news of which resurfaced recently.

News ID: ۷۷۷۱۲۸

20 June 2017

“The comprehensive plan to organize the shadow banks will be implemented in various phases and after taking legal steps through proposals, negotiations and myriad expert meetings,” Valiollah Seif wrote in his official channel in the social media app Telegram.

Seif also touched upon measures undertaken by CBI in recent years to organize the uncertified credit institutions, which mushroomed during the tenure of the former governments.

The crisis has prompted the regulator to revoke some of these companies’ permits, breaking up some and merging a handful of others, Financial Tribune reported.

In the latest development related to these institutions, which has also entangled the parliament, Farshad Heydari, CBI’s deputy for supervision, announced that one of the institutions, which has become the subject of a new controversy, is becoming legal.

“The Samen credit institution has formally applied for a CBI permit and is on its way to become a certified entity,” Heydari told IBENA, in an effort to assure the company’s depositors about its solvency.