36352
Banks’ Struggle to Attract Forex A/Cs
Economy, Business And Markets

Banks’ Struggle to Attract Forex A/Cs

Following the lifting of international banking sanctions against Tehran late last month, lenders have embarked on the difficult task of regaining public confidence in foreign currency accounts, Eghtesadnews reported.
However, according to a former central bank deputy chief, the banks’ bid    to re-launch hard currency accounts demands, as a very first step, unification of foreign exchange rates and that means ending the controversial multiple rate regime.
“Banks should not rush in opening foreign currency accounts as these facilities rely heavily on floating exchange rates,” Seyyed Kamal Seyyed Ali said.
Due to the international sanctions on the key banking sector, lenders over the past three years  failed to pay full returns on foreign currency accounts, which hurt the public’s trust in such accounts used in the past for a variety of commercial and personal reasons.
Given such constraints, the former official said due to the lack of adequate resources and the “tarnished reputation of banks” in the last three years, the people can hardly entrust banks with their foreign currency.
Referring to the banks’ credibility problems during the years of sanctions, he said, “Foreign currency accounts should have a reasonable and modest return to help regain the public’s faith in the banks’ foreign currency accounts, and this depends largely on unifying the exchange rates.”

Short URL : http://goo.gl/6OAlZx
  1. http://goo.gl/PB8oPr
  • http://goo.gl/nFTtUU
  • http://goo.gl/WcX114
  • http://goo.gl/EGDhTX
  • http://goo.gl/S6Cykl

You can also read ...

VDMA Backs Iran Trade
Germany’s plastics and rubber machinery trade association,...
Musk Bid for Tesla Still Murky
Tesla Inc’s board named a special committee of three directors...
Central Bank of Iran Against Market Intervention
Central Bank of Iran's Governor Abdolnasser Hemmati said the...
Equity-Based Sukuk Return to Iran Capital Market
The government is set to clear part of its debt to Social...
New Forex Initiative Unable to Tip Scales
The new forex initiative has only managed to fix major policy...
S. Korea Bans Recalled BMWs Over Fire Fears
The South Korean government has said it will ban about 20,000...
Tehran Shows 4th Biggest Upturn in Economist’s Livability Index
Tehran is one of the top five cities in the world to have...
Tehran Home Rents Up 26.7 Percent in Q1
The average price of renting a residential unit in Tehran...

Trending

Googleplus