Business And Markets

Iran Majlis to Vote on Banking Reform Bills

Iran Majlis to Vote on Banking Reform BillsIran Majlis to Vote on Banking Reform Bills

The Majlis speaker says reforms to the central bank law proposed by the government to overhaul the dysfunctional banking system has been reviewed in the relevant committees and is awaiting a final  vote in the chamber. 
The bills were sent to parliament more than a year ago. The Banking Reform Bill that would replace the current decades-old Usury-Free Banking Law, outlines procedures for banks and credit institutions for obtaining a license from the CBI. 
It also explains banking operations and services, notifies regulations for the establishment of foreign bank branches and sets limits on their investments.
"The Majlis Research Center had earlier warned about banking challenges and proposed measures for addressing the problems," Ali Larijani said on Monday. 


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