Tough Times for Banks

All Iranian banks will again face another grueling period until the current fiscal year ends in March, says a senior banking expert. “The second half of this year will be breathtaking for all our banks,” Heidar Mostakhdemin Hosseini told ILNA.”Issues related to reforming the statutes, standardizing accounting procedures and matching financial statements with principles of the international banking system are of utmost importance from a supervisory point of view,” the former Central Bank of Iran deputy added. He further noted that the collaboration factor is lacking in the banking industry and if that happens “joint banking ventures can, and will, lead to lowered costs.”