61576
CBI  Priorities  for Next Year
CBI  Priorities  for Next Year

Central Bank of Iran Priorities for Next Year

Central Bank of Iran Priorities for Next Year

The Governor of the Central Bank of Iran has named bringing discipline to the banking system and structurally reforming it as "the most important plans of the bank during the next fiscal year" which begins on March 21.

"The new supervision system of the central bank is another one of its plans which is to be established for the first time," Valiollah Seif was also quoted as saying by banker.ir.

The main component of the plan, called the New Model of Supervision Over Banks, initiated by CBI in 2013 was presented to the Money and Credit Council for final approval on Feb. 1 and is said to be employing the latest in international banking experiences and practices.

As touted by CBI officials, local design, adaptability, flexibility, reduction of systematic risk and being regulation-oriented are among the most important characteristics of the new supervision model, based on which Iranian banks will fall under one of four categories regarding the level of supervision they will need.

According to Seif, "transparency in the financial statements of the banks is among other measures which have been put on the agenda of the central bank based on its authority."

Instilling transparency within the Iranian banking system has also been a recurring theme during the current fiscal year, with the CBI hard at work trying to make the banks conform to International Financial Reporting Standards.

Short URL : https://goo.gl/YXsJrK
  1. https://goo.gl/kgfwMc
  • https://goo.gl/FnkGF8
  • https://goo.gl/FlRxT5
  • https://goo.gl/DHANxt
  • https://goo.gl/BvZclR

You can also read ...

Iran's Payam International Airport Ready for Exports
Payam International Airport, located in the city of Karaj 40...
Central Bank of Iran Governor Expects Additional Forex Allocation for Imports
The central bank governor said volume of foreign currency...
Iran's Private Sector Prepares to Secure Syrian Market Entry - Report
Scores of Iranian executives running private businesses...
Global Export Credit Agencies Support Iran Trade Coverage - Interview
Global Export Credit Unions participating in a meeting of the...
India Working on Rupee-Rial Mechanism for Chabahar Port Project
India is weighing a rupee-rial payment mechanism for the...
The number of trips made by Azerbaijani citizens to Iran has...
Joint Iran-Azeri Car Company Eyes Russia, Georgia Markets
Khazar Car Company, an automotive joint venture between Iran...
Iranian Elevator Manufacturers Look Beyond Borders
Iran’s elevator manufacturing companies have the capacity to...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus