Economy, Business And Markets

Shortage of Capital

Shortage  of Capital Shortage  of Capital

Domestic banks need to increase their capital if they intend to partner with foreign banks, said Bank Parsian’s CEO, Kourosh Parvizian. He warned that banks are short of capital, which is “mainly caused by the surge in the price of the US dollar,” ILNA quoted him as saying on Thursday. While a bank’s initial capital of one trillion rials used to be worth $1 billion, now it hardly buys $300 million, he said.