Economy, Business And Markets

Special Bank for Guilds

Special Bank for Guilds Special Bank for Guilds

It is high time for Iran Chamber of Guilds to set up a bank of guilds, an official in the ministry of industry, mine and trade said, as reported by IRNA on Wednesday. “Iran Chamber of Guilds covers a large population of over 8,000 guild unions and 354 chambers of guilds, giving it priority to set up a bank,” Ali Yazdani, ministry representative in Iran Chamber of Guilds said, adding that the matter “should be treated as a priority over other existing financial and credit institutions.” He considered the guilds as one of “the oldest communities” and highlighted the need “to empower them in parallel to the societal developments.” To this end, it is necessary to organize meetings and seminars to create more convergence among them, Yazdani added. As weak guild associations undermine their influence in decision-makings, it is important to develop their skills and boos their entrepreneurial roles so that they can play a more active role in national decision-making process, he said. He called Iran Chamber of Guilds to embark on obtaining the required permissions to set up the specialized bank.