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Warning to Uncertified Credit Firms
Economy, Business And Markets

Warning to Uncertified Credit Firms

Vice governor of the Central Bank of Iran for supervision affairs has announced that uncertified financial institutions in the process of obtaining license are not allowed to attract new deposits or else their permission-seeking process would be disrupted. Hamid Tehranfar told the Persian newspaper Hamshahri that these companies can only do business as usual with their “existing deposits” and may also continue to grant loans. Tehranfar reiterated that commercial banks are not allowed to carry on business with uncertified companies but, he said, an exception could be made for companies whose request for obtaining license is being processed. Tehranfar hoped that the case of unauthorized credit and financial institutions be closed once and for all by the yearend, saying the possibility for new unlicensed companies to emerge would be near zero.  

 

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