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. 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.
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