Economy, Business And Markets

Seif Reiterates Warning

Seif Reiterates Warning Seif Reiterates Warning

The governor of the Central Bank of Iran once again warned the public of the consequences of depositing in unauthorized credit institutions. “It is absolutely clear that there are doubts about the continuation of the life of uncertified credit institutions and guaranteeing deposits of our dear countrymen,” Valiollah Seif wrote in a note published on the CBI’s website on Friday. These institutions are not under central bank supervision and have no reserves at the bank, so people “should not risk losing their deposits for getting a few percent extra interest,” Seif said. He also ordered executives of the institutions to stop their “illegal” activities that disrupt the financial system and cooperate with the central bank by providing “transparent data.” The governor’s note, headed “Unhealthy Competition and the Responsibility of Protecting Public Deposits”, covers the outlines of the central bank’s view on uncertified credit institutions.