3893
Process to Select  CBI Governor Modified
Economy, Business And Markets

Process to Select CBI Governor Modified

A new ruling by the Expediency Council has slightly modified the requirements for the appointment of new governors of the Central Bank of Iran, originally stipulated in a 1972 State Monetary and Banking Law.
The new approval by the Expediency Council requires the central bank governor to hold a Ph.D. in economics, monetary or banking disciplines. The governor should also carry at least 7 years of managerial experience in economic, monetary or financial areas and/or at least 5 years of specialized managerial experience in the central bank. No criminal records and popularity were among other criteria set for the selection of central bank governor candidates, Gholamreza Mesbahi Moghadam, a member of expediency council explained on Saturday, as reported by Fars news agency.
According to the recent modification, the minister of finance and economy shall nominate a candidate who shall be endorsed by cabinet ministers. The president shall then appoint the governor as per a presidential decree for a renewable period of 5 years. The same process will be applied to the cases of governor’s resignation or dismissal. The older version of State Monetary and Banking Law required the general assembly of the central bank to also approve the nominated candidate.
“The proposed 5-year-term in office envisaged for the governor of the central bank intends to help monetary policies which would further strengthen stabilization,” Mesbahi Moghadam added.
In this respect, “upon the assumption of office by a new government, the new president is allowed to change the governor if more than one year is left from his term in office,” he said. The change, however, should be “in light with defined mechanisms,” he added.
The draft approval will be submitted to the Leader for final approval, he said.  

 

Short URL : http://goo.gl/N9uc4S

You can also read ...

Banks will now draft a single set of balance sheets that adhere to CBI’s IFRS-based templates.
Minister of Economic Affairs and Finance Masoud Karbasian and...
ICCIMA Trade Mission Off to Spain
A 30-member commercial delegation from Iran’s private sector...
Mental Health Investment: The Economic Case
The link between mental health and economic productivity is...
Ikarus buses were popular in Iran during 1990s.
Hungarian bus manufacturer Ikarus is set to re-enter Iran...
Carmakers Pile Into Europe Scrappage Offers
Renault-Nissan and Kia are the latest car companies to launch...
Plan to Make Home Loans More Affordable
The administration of President Hassan Rouhani is mulling new...
Bloom and billet sales made up the lion’s share of KSC’s sales.
Iran’s largest steel exporter Khouzestan Steel Company...
IKCO in Another Murky Presale
Iran Khodro started presales of its newly unveiled small...

Trending

Googleplus