Majlis Seeks Quick Fix to Banking Ills

The Majlis on Sunday voted to discuss a comprehensive banking bill on a priority basis that seeks to augment the independence of Central Bank of Iran.
As part of broader banking legislation, the bill calls for reforming the CBI structure including its top management.
MPs have taken stock of the multiple problems arising from, and related to, the poor performance of banks such as unbridled inflation, excessive money supply and the CBI’s contentious governance.
Defending the bill, Mohammad-Hussain Hussain-Zadeh, blamed the “unrestrained private banks for the ruinous inflation,” underscoring the need for a vibrant central bank to monitor and streamline the private lenders.