Economy, Business And Markets

President to Attend CBI Gen. Assembly

President to Attend CBI Gen. Assembly
President to Attend CBI Gen. Assembly

President Hassan Rouhani will go to the Central Bank of Iran on Monday to attend the annual general meeting of the bank, it was reported on Friday.

The meeting is being held after a five-month delay though, as section (d) of the article 17 of the Monetary and Banking Law approved in 1972 states that “the general meeting of the central bank shall be held at least once every year at the latest by the end of Tir (July 22) of the following year.”

According to the law, the general meeting of the bank is composed of the president of the Islamic Republic of Iran (as the chairman of the meeting); the minister of economic affairs and finance; the chairman of the Management and Planning Organization (MPO) – abolished by former president Mahmoud Ahmadinejad in 2007; the minister of industry, mine and trade; and one other minister appointed by the council of ministers to represent the government.

The functions of the general meeting shall include examining and approving the balance sheet of the CBI; examining the reports submitted by the CBI’s supervisory board and deciding upon the points raised therein; examining and approving the recommended appropriation of the net profit; electing the members of the supervisory board upon the recommendation of the minister of economic affairs and finance; and fulfilling other functions entrusted to it under the provisions of the act.

Members of other affiliated organizations of the CBI are also allowed to attend the general meeting and participate in the discussions, but will have no right to take part in any voting process.