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CBI Lifts Restrictions on 2 Banks

CBI Lifts Restrictions on 2 BanksCBI Lifts Restrictions on 2 Banks

The Central Bank of Iran lifted a ban on acceptance and processing of one billion rial checks issued by two private banks Ayandeh and Sarmayeh, banker reported on Saturday.

In early February, the CBI issued a directive banning the acceptance and processing of one billion rial checks of three banks including Ayandeh Sarmayeh and Iran Zamin.

Shortly after, the limit for Ayandeh Bank was reduced to 100 million rial checks as it was among the unauthorized banks at the time. In the final days of the last Iranian year which ended March 20, the CBI removed the ban on Ayandeh and Sarmayeh banks and informed the banking system accordingly via Checkavak, an electronic check processing system that came into operation in late December 2014.

The announcement came shortly after Ayandeh Bank had joined the circle of the banks authorized by the regulator.

The ban on checks issued by Iran Zamin Bank however continues to persist, a decision that was strongly criticized by Kamal Seyedali, the CEO of the private bank, as “unjustified” at the time.

The CBI has now issued a new directive banning the acceptance and processing of one billion rial checks issued by the Tose’e financial and credit institution, ISNA reported on Saturday.

 

Financialtribune.com