31027
Requests for New Banks Denied
Economy, Business And Markets

Requests for New Banks Denied

The Central Bank of Iran has received 20 local requests for opening banks, a member of the Iran Chamber of Commerce, Industries and Mine’s board of representatives said.
“CBI has so far rejected requests for new banks; however, we support merging the existing banks to help solve the problem,” the website banker.ir quoted Masoud Daneshmand as saying.
Issuing operating permits to private lenders by the CBI in the past paved the way for their mushrooming growth and unhealthy competition among themselves for opening branches.
“The CBI should develop a legal framework for merging banks. Measures should be taken to reduce the number of bank branches because the habit of banks opening and closing branches (at their own wish and whim) has become a disturbing trend.”
Daneshmand added that at times banks cook the books to come up with profitable balance sheets to show high profit margins and conceal losses.
“Mergers of banks, insurance firms and other major companies are becoming increasingly common across the world with the aim of promoting their competitiveness and reducing costs,” he said.
Latest figures by the World Bank indicate that about 21,656 bank branches are operating across Iran. According to the CBI’s Supervisory Office, 250 branches were closed last year (ended March 20, 2015) mostly by banks themselves.
Bank Melli with 3,192 branches, Bank Saderat Iran with 2,876, and Bank Keshavarzi with 1,906 have the highest number of branches including in the highly expensive upscale districts of Tehran and other major cities.

Short URL : http://goo.gl/PWFYg2
  1. http://goo.gl/kG9Mah
  • http://goo.gl/9bu2t1

You can also read ...

Europe May Tap Cryptocurrencies to Shield Iran Against US Sanctions
The European Union may opt for digital currencies in its...
Iran’s net hot-rolled coil consumption was 5.6 million tons in 2017, of which 0.8 million tons were imported.
Russia and Kazakhstan are temporarily stepping back on sales...
Secondary Forex Market: Corruption Loopholes Abound
Two goals set have been set for the recent establishment of...
EU foreign policy chief, Federica Mogherini, hailed the imposition of the blocking statute on Monday as a “consistent step forward”.
As it races to save the Iran nuclear deal, the European Union...
Deputy Economy Minister Defends Gov’t Forex Policy
The government’s policy to allocate dollars and euros to...
Colza Production Exceeds Expectations
The government has purchased more than 300,000 tons of colza...
Plastic Production Plant Launched in Chabahar
A factory producing different kinds of plastic products was...
Interbank Rate Tweak to Impact Interest Rates
Officials at the Central Bank of Iran have announced the...

Trending

Googleplus