A double-urgency motion asking for further clarification on an article of the Monetary and Banking Act was approved by the parliament on Wednesday. Under the new approval, Article 39 of the banking law applies to all the credit and financial institutions, and not only to the commercial banks. Over 7,000 financial institutions many of which having no operation licenses are operating across the country. “All of the credit and financial institutions, just like commercial banks, should adhere to the central bank’s regulations in terms of establishment, closure and operation,” vice president of the parliament economic committee Iraj Nadimi said, as reported by ISNA. Development funds supported by the government, however, are excluded from the law. First proposed on Sunday, the motion was approved on Wednesday with 145 votes for it, 2 votes against it, and 8 abstentions.
