Economy, Business And Markets

CBI to Hold Annual Meeting on March 1

CBI to Hold Annual Meeting on March 1 CBI to Hold Annual Meeting on March 1

After an eight-month delay, the annual meeting of the Central Bank of Iran will be held in a week.

The 56th annual meeting will convene on March 1 at the CBI headquarters with President Hassan Rouhani in attendance, reports IBENA.

As decreed by the parliament, Rouhani will preside over the meeting while other key attendees include Minister of Economic Affairs and Finance Ali Tayyebnia, the head of Budget and Planning Organization, Mohammad Baqer Nobakht, and two ministers selected by the Cabinet.

The annual meeting is set to review and approve the Central Bank of Iran's balance sheet and make the final decision regarding reports presented by the bank's Board of Supervisors. It also seeks to decide about the distribution of profits and select members of the Board of Supervisors from candidates presented by the Ministry of Economy.

The annual meetings of CBI are held at least once a year and usually before the end of the fourth Iranian month in late July. The meetings can also convene at other times at the recommendation of the Minister of Economy or the CBI governor.

This means that the upcoming meeting will take place after a delay of eight months.

The 55th annual meeting of the central bank was also held with a six-month delay on February 13, 2016, headed by the president. During that meeting, CBI Governor Valiollah Seif presented the bank's performance report and changes in economic indicators during the tenure of the current government, with the president urging the banking system to adhere to monetary discipline in the post-sanctions era. 

It is expected that Seif will do the same this year, which also marks the fourth and final year of the administration's first term. Top CBI officials are now reportedly compiling and editing reports that are to be presented at the meeting.   

All members with voting rights, including the CBI governor or his deputy, must be present at the meeting for the talks and decisions to become officially binding. All decisions made in the meetings will only become effective with a majority vote.  

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