Economy, Business And Markets

Transparency First Step to Reform Banking System

Transparency First Step to  Reform Banking SystemTransparency First Step to  Reform Banking System

The very first step to reform banking system is transparency in operations, said Lotf-Ali Bakhshi, an economic expert.

Although the banking network plays a key role in the development and prosperity of the industry, commerce and the economy, it has so far failed to meet expectations, he said.

“A failure in proper supervision of the banking system has unprecedentedly led to corruption, leaving a stigma attached to public opinion towards banks,” IRNA reported Bakhshi as saying.

The reform of the banking system is a huge task that needs to be thrown top of the agenda of the national economy, said the expert, noting that crystal clear criteria are to be set for those most eligible to receive bank loans.

Addressing free trade zones managers earlier this year, President Hassan Rouhani emphasized that alongside with attempts to attract investments, officials should also help reform the banking and financial system if they are to achieve economic prosperity.