Economy, Business And Markets

Abdoh Criticizes Banking System

Abdoh Criticizes Banking SystemAbdoh Criticizes Banking System

Hossein Abdoh Tabrizi, former secretary-general of the Securities and Exchange Organization, said many banks are window dressing their financial statements and have reported false earnings during the past five years. “As a normal practice in the commercial tradition of Iran, the bankruptcy of monetary institutions is not declared,” The finance expert and top advisor to the minister of roads and urban development said, “The high non-operational income [of banks] indicates earnings which have not taken place.” Window-dressing statements and falsifying records are inefficient in the long run and reforming the banking structure is a must, he added.