Economy, Business And Markets

Banks to Stop Asset Speculation

Banks to Stop Asset Speculation
Banks to Stop Asset Speculation

The Money and Credit Council set a three-year deadline for the commercial banks to sell their non-banking assets in the equity market.

In their Tuesday evening meeting, the members of the council discussed a number of issues the council had been assigned to consider by the Central Bank of Iran, including the banks’ asset speculation, which officials say has prevented banks from concentrating on their original task.

The central bank in the past year expressed determination to have commercial banks relinquish their firm-running activities. However, the issue has raised concerns among experts who are worried that the CBI’s pressure might even worsen the economic situation.

 Fate of POS Fees Yet to be Decided

Despite the recent dispute between the central bank and shopkeepers over a transaction fee payable for using point of sales (POS) terminals, the issue was not discussed in the council’s meeting on Tuesday.

Last month the CBI decided to charge shopkeepers a transaction fee for using POS terminals. The issue stirred a hot debate and provoked concerns among customers and retailers from one hand and the CBI officials from the other. The shopkeepers argued that the fee would increase their costs.

The decision is pending now waiting for a Money and Credit Council approval.