Banking Reform Bill Awaiting Final Approval
Economy, Business And Markets

Banking Reform Bill Awaiting Final Approval

A banking reform bill will soon be submitted to the government for review, deputy governor of the Central Bank of Iran Akbar Komijani said on Friday.
 “It is expected that consultations will be held over the next week to conduct the final review and the bill will be sent to the government by late August,” IRNA quoted him as saying.  
 The CBI and the Ministry of Economic Affairs and Finance will hold joint meetings to finalize the bill. The two major policymaking economic institutions have set up a joint committee tasked with revising the bloated and inefficient banking sector. 

Recently the economy minister had announced that his ministry was collaborating with the CBI to prepare a six-point banking overhaul plan.
 Ali Tayebnia said, “The six segments of the reform bill have been concocted to improve Islamic banking in line with the efficiency of  financial tools, render banks’ investments and activities more transparent, update the electronic banking system, restructure oversight  and design special ranking and rating systems to promote competition between lenders.”
  Based on the new amendment bill, the usury-free banking act will become a part of banking law.
The new bill calls also for two provisions to modify monetary and banking laws and augment CBI performance.
Back in 2011, the Ministry of Economy and the CBI had set out to draft two banking overhaul bills under the banner ‘Provisions for Banking Laws and Proposed CBI Reforms.’ For hitherto unknown reasons the bill was simply forgotten.

Short URL : https://goo.gl/QQPBui
  1. https://goo.gl/jFb9gY
  • https://goo.gl/1aK9dC
  • https://goo.gl/o3HOq5
  • https://goo.gl/QZkIf6
  • https://goo.gl/z3uOPp

You can also read ...

Italy's Ansaldo Set to Produce Power From Iran's South Pars Gas Flares
Italy's Ansaldo Energia signed a memorandum of understanding...
Fate of Cryptocurrency in Iran Hangs in Balance
Virtual currencies are slowly but steadily gaining traction...
IRISL Returns to the Fold of Int’l Shipping Giants
The Islamic Republic of Iran Shipping Lines plans to replace...
Dairy Exports to Hit $1b
Iran is one of the top milk producers and has ambitious plans...
Money and Credit Council Approves Liquidity Risk Management Rules
Money and Credit Council, a top financial decision-making body...
1st Currency ETF  in the Pipeline
The Iranian capital market’s first foreign currency exchange-...
Iran Insurance Growth at 20%
The collective figure of Iranian insurance companies’ premiums...
Iran Eases Imports From Turkey
The issue of “consulate approval”, which negatively affected...