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Revising Free Zones Banking Regulations

Revising Free Zones Banking Regulations  Revising Free Zones Banking Regulations

Complying with international banking regulations in Iran’s free trade and special economic zones is among the top priorities of the Money and Credit Council (MCC), said an official of the Supreme Council of Iran’s Free Trade, Industrial, and Special Economic Zones.

In its next meeting, the MCC will discuss the necessity of revising the regulations of the banks in special economic zones so that international banking rules would apply to them, Nasser Khormali said.

“The central bank has already taken the necessary measures for implementing the new regulations,” he said, adding that MCC members are also expected to discuss the proposals made by the council of free zones in their next gathering.

According to the official website of the council, a specialized working group for free and special economic zones has already examined the new directive issued by the central bank on international banking. The council members have concluded that the regulations of these banks regarding free trade in the special economic zones need to be revised.  

“International banks apply their own special regulations in different fields of banking, insurance, and stock exchange,” he said.

These regulations are often specific and beyond the restrictions of national banks, said Khormali, who added that “Here, these regulations have already been influenced by the internal laws and need to be revised.”

Financialtribune.com