Banking Amendments Approved

EghtesadOnline: The Money and Credit Council approved the Central Bank of Iran’s proposals demanding a more stringent oversight of credit institutions and amendments to administrative procedures related to current accounts.

News ID: ۷۸۲۷۰۸

26 May 2018

The new procedures for auditing credit institutions, which involve stricter reporting requirements for filing the financial statements, are aimed at ensuring more transparency in line with a government crackdown on rampant rent-seeking, CBI’s website reported on Wednesday. Revisions to the current account regulations were part of an effort to overhaul the check-processing system by plugging loopholes that left the banking sectors struggling with a backlog of bounced checks. CBI, the sector’s top regulator, has launched a massive overhaul drive to make the national banking system conform to global standards to alleviate the concerns of overseas lenders and businesses wary of entering Iran’s lucrative market, according to Financial Tribune.