Banks Sepah’s Forex Transactions to Top $5b
Banks Sepah’s Forex Transactions to Top $5b

Banks Sepah’s Forex Transactions to Top $5b

Banks Sepah’s Forex Transactions to Top $5b

Bank Sepah’s foreign exchange transactions have reached $4.2 billion and are expected to exceed $5 billion by the end of the fiscal year on March 20, said the CEO of Bank Sepah.
“In terms of resources, Bank Sepah has been successful as its growth rate in the current year shows a significant increase over the last three years,” Mohammad Kazem Choghazardi was also quoted as saying by Bank Sepah’s official website.
Hossein Qazavi, the deputy economy minister for banking and insurance affairs, said “since sanctions imposed on Iran have been lifted after years, banks should pay special attention to their foreign branches and procure their need for software, hardware and personnel”.
The official noted that banks should generate profits since they guarantee their survival, adding that the capital buffers of public-sector banks seem to have improved.
“Following amendments to the budget law in the current fiscal year to increase the capital of public-sector banks, the capital adequacy ratio of some of these banks has improved to 8%,” he said.
In a session presided over by President Hassan Rouhani in mid-January, the Ministry of Economic Affairs and Finance was obliged to allocate 200 trillion rials ($5.2 billion) of excess funds to increase the government’s capital in state-owned banks.
Majlis Research Center earlier published a report late January, declaring that the minimum capital adequacy ratio should be 8%. The research arm of the Iranian Parliament also announced that capital adequacy ratio of Bank Sepah is at 2.46%, which was the second-lowest among the seven public-sector banks mentioned in the report.
Choghazardi said Bank Sepah has allocated “more than 12 trillion rials ($312.9 million) to small- and medium-sized enterprises in line with the goals of Resistance Economy” principles outlined by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei to foster the non-oil sector of the economy.

Short URL : https://goo.gl/ODjkug
  1. https://goo.gl/7PY84j
  • https://goo.gl/GMIeKI
  • https://goo.gl/dKd5TF
  • https://goo.gl/wDvLgm
  • https://goo.gl/A9vYGw

You can also read ...

Economic War on Iran Is War on Eurasia Integration
Hysteria reigned supreme after the first round of US sanctions...
German Rail Operator, Deutsche Telekom End Iran Projects
German rail operator Deutsche Bahn and Deutsche Telekom are...
Emirati Paper: Baghdad Expected to Maintain Strong Economic Ties With Tehran
Iraq’s ties with Iran are likely to grow stronger as a result...
 New ATR Planes Join Iran Air Fleet
The ATR 72-600 planes recently delivered to Iran Air have...
Decline in Forex  Rates Expected
While the foreign exchange rates are still considered bullish...
NZ Exporters Wary of Rising  US-Iran Trade Tensions
New Zealand exporters are looking to worsening US-Iran...
 TPO Clarifies Import Ban List to Foreign Traders
The recent ban imposed on the import of certain products has...
Australian Teen Hacked Apple’s Computer Network
An Australian teenager has pleaded guilty to hacking into the...

Add new comment

Read our comment policy before posting your viewpoints