Economy, Business And Markets

Improving Transparency

Improving Transparency Improving Transparency

In response to criticism about the existence of 50 million problematic bank accounts, Governor of the Central Bank of Iran Valiollah Seif Seif said a total of 447 million accounts exist, 439 million of which belong to Iranians. “An estimated 411 million of the accounts have a registered national ID and 27.77 million are dormant accounts with the majorly dating back to 20-30 years ago,” he said as reported by the CBI website. Seif said the fate of 8,770 accounts that are still active (but are of dubious nature) will be decided by next week. “The banking system seeks to make sure that all accounts have proper IDs and that is why accounts without registered IDs must be closed.”