Economy, Business And Markets

Banking Reform Bill Awaiting Final Approval

Banking Reform Bill Awaiting Final Approval 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.