Iran Drafts Banking Reform Bill

Central Bank of Iran and the Ministry of Finance and Economic Affairs have finalized the long-awaited banking reform bill, said CBI’s deputy for supervisory affairs, Farshad Heydari, adding that the bill will be sent to the Majlis in the coming days. The official noted that the banking sector is in need of clear regulations to promote its sustainability and financial stability, IRIB news reported Tuesday. Simplifying banking services, improving efficiency, adjusting interest rates with real economic conditions and upholding Islamic banking norms are among the main measures envisioned in the bill. Iran’s Banking Law was approved in 1983 and has never been revised. Last week, Mohammad Reza Pour-Ebrahimi, a senior lawmaker, said that Majlis will pass the bill by the end of current fiscal year (March 2017).