Banks Faring Well

EghtesadOnline: The Iranian Association of Private Banks and Credit Institutions has released a statement, assuring the public that banks and credit institutions are well-regulated by the Central Bank of Iran.

News ID: ۷۸۲۲۱۹

08 April 2018

In the statement published by the association's website on Sunday, the body criticizes some lenders for using the terms "bankrupt" or "financially incapable" while describing their counterparts in the midst of rivalry for attracting more deposits.

The statement adds that all the banks and credit institutions are safe to receive public deposit, as they are protected by the Deposit Guarantee Fund and supervised by CBI.

It also reminds people that shadow banks have now been taken care of and no threat emanates from that source anymore, according to Financial Tribune.

Unlicensed banks and lending bodies, which started out as small cooperatives in the 1990s, snowballed into huge quasi-lenders and grabbed a quarter of the country's liquidity.