Economy, Business And Markets

Banks Told to Prepare for Int’l Presence

Banks Told to Prepare for Int’l PresenceBanks Told to Prepare for Int’l Presence

Banks will have to engage in more widespread activities and prepare for a more effective presence on an international scale, said Central Bank of Iran’s (CBI) governor Valiollah Seif.

His comment came after Iran and the P5+1 (Russia, China, France, Britain, the US plus Germany) reached an understanding over Tehran’s nuclear energy program on Thursday in Lausanne, Switzerland.

In a meeting with senior banking officials and Economy Minister Ali Tayebnia, the CBI governor stated that during the past year (ending March 20), with the close and efficient supervision of the administration, domestic economic situations improved. “The economic growth as well as lower inflation and a stable currency market are all indicators of this fact,” he said while highlighting the matter that the banking system has also had a positive impact and contributed to growth.

Seif also announced that increasing state-owned bank capitals and improving capital adequacy ratio are pressing needs in the current fiscal year.

 Accordingly, a research plan has been carried out by CBI’s Monetary and Banking Research Center, the results for each bank will duly be announced.