Call for Promoting Competitive Banking

The governor of the Central Bank of Iran has called for promoting competition in the banking system, cautioning that unhealthy rivalry can lead to unsatisfactory repercussions.”Empowering a spirit of positive competition in the banking system is among suitable solutions to break away from the current situation,” Valiollah Seif was also quoted as saying by CBI’s official news website. “On this path, it is necessary for the international body of banks to reinforce their dynamism and innovation, and restart providing their services to the country’s foreign trade sector.” Seif made the statements in the latest meeting of the Coordination Council of Public-Sector Banks held on Wednesday at the CBI headquarters. Chief executives of major state banks were present to discuss the main issues facing the banking system, namely maintaining a balance in the expenditure and assets of banks, interest rates and presentation of the banking system in the media.