Banks Shutter 438 Branches in 7 Months

Data from the Central Bank of Iran shows lenders are working to cut extra and unwanted branches over the past two quarters. 
Banks and credit institutions shuttered 438 branches since the beginning of the current fiscal year (March 20) up until the seventh calendar month on October 22. 
The number of bank branches was reduced to 23,111 by the end of last calendar month, down from 23,549 branches operating until March, the CBI-affiliated news agency IBENA reported.