Economy, Business And Markets

CBI Blamed for Lack of FTZ Monetary Regulations

CBI Blamed for Lack of FTZ Monetary Regulations CBI Blamed for Lack of FTZ Monetary Regulations

The Central Bank of Iran (CBI) has put off formulating an exclusive set of monetary and banking regulations for free trade zones, an issue which has raised problems in the regions, according to Akbar Torkan, secretary of the Supreme Council of Iran Free Zones.

No final decisions have been made on the issue, he said adding that "this is in spite of the fact that the issue has been repeatedly referred back and forth between the CBI and the council," ISNA reported.    

"The unnecessary meddling of national organizations and ministries is the main problem that has impeded the implementation of development programs in free zones," he noted, urging that "this needs to stop."

Well-devised patterns are needed for free zones to be established as exemplars of growth and development. "Developing exports, easing production regulations, sharing technological information, and meeting the needs of the country" are pressing matters which need to be addressed in free zones, the official said.

Torkan noted that the markets in Russia and other Caspian Sea littoral states provide rich cooperation opportunities for Iranians.

Given the fact that the food storing and cooling capacities have increased in Anzali Free Zone, in northern Iran, a better trade opportunity has been created in the country.

The official also announced that the Caspian port city of Anzali which is one of the hubs of the free zone is to be inaugurated later in the year.