MCC Discusses Overseas Banking Regulations
Economy, Business And Markets

MCC Discusses Overseas Banking Regulations

In a recent meeting of the Money and Credit Council (MCC) held Tuesday afternoon, the framework for overseas banking regulations was decided by the council members. Further details will be decided in the council’s next meeting.
According to council member Mohammad Reza Pour-Ebrahimi, the guidelines for setting up monetary and banking institutions as well as banks in free zones were discussed but not resolved.
“The entire session was dedicated to the issues, given the urgency of the matters,” he said. “Remaining side-issues will hopefully be resolved in the council’s next meeting.”
Other topics set to be discussed in the following meetings are deposit interest rates and commissions on transactions done through point-of-sales terminals.
“In the light of the fact that inflation has been reduced to 15.5 percent and the outlook for the domestic economy seems rather stable, it is necessary to accordingly reduce deposit interest rates,” he noted.
Lowering deposit rates, which range between 10 and 22 percent, will also decrease expenses of providing financial services, “this will ultimately result in economic prosperity,” he projected.
“Economic facts and the stabilized outlook of the market will all be considered before deposit rates are cut,” Pour-Ebrahimi stressed.  
He also called for restructuring the economy regardless of whether or not the final nuclear deal will be signed between Iran and the P5+1 (five permanent members of UN Security Council plus Germany) by the June deadline.


Short URL : http://goo.gl/dwdmYM

You can also read ...

Valiollah Seif
Governor of the Central Bank of Iran said on Wednesday anti-...
Nat’l Virtual Currency in the Offing
Months after the idea was first publicized, it seems that Iran...
5th Indian Wheat Cargo Arrives for Afghanistan in Chabahar
India’s fifth consignment of wheat to be sent to Afghanistan...
Presale Crosses  96,000 Gold Coins
The presale of Bahar Azadi gold coins priced at 14 million...
Spanish Foreign Minister Alfonso Dastis met with President Hassan Rouhani on Feb, 21.
Foreign ministers of the Netherlands and Spain are in Tehran...
Lexus’ New Crossover to Break Cover  in March
Lexus will pull the covers off of the production version of...
The government has required car importers to pay the higher tariffs announced in January.
The government has finally allowed the clearance of imported...
Bank Loans Top $100b in 10 Months
Banks and credit institutions doled out more than 4.62...