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System to Improve Banks’ Transparency
Economy, Business And Markets

System to Improve Banks’ Transparency

The Central Bank of Iran has sent a new set of balance sheet templates to the banks to improve their financial transparency and international operations, EghtesadNews reported.  The CBI’s department for supervisory affairs, in a letter to the CEOs of banks, noted that the quality of financial statements will be the criteria for assessing banks’ performance and the cut in their reserve requirements. The CBI had promised law-abiding banks that it would cut their reserve requirements up to 3% in October as part of a government stimulus package. The new templates are developed based on International Financial Reporting Standards (IFSB) and in accordance with ‘usury-free banking’ regulations.

 

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