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CBI Takes on Malfeasance
Economy, Business And Markets

CBI Takes on Malfeasance

The Central Bank of Iran is mounting a three-pronged attack to curb corruption, says the bank’s governor Valiollah Seif. The bank is working to change structures, methods and technology to counter corruption.
“The central bank, as the monetary policymaker, is determined to strive for economic transparency and put a stop to corruption in the banking and foreign exchange markets, in order to reach international standards and act on the Leader’s remarks,” Seif said.
Bribery, money laundering, cheating and embezzlement are the most critical issues that threaten the health of the banking system. “The CBI is using new technology and close monitoring of banking transactions to confront the wrongdoers,” said the governor.
According to the governor, there have been 26 million bounced checks in the banking network during the past four years.
The central bank has already started using some new systems for monitoring and ordering financial transactions. These include the Nasim System to monitor and order government accounts, Currency Portal System to sort out trade, customs and foreign exchange, Electronic Check Management system to keep an eye on fraud and a CBI-Judiciary information network.
Another priority for the central bank is organizing the lending market by bringing unauthorized financial institutions into the fold. CBI officials estimate that there are over 7,000 financial institutions currently operating in Iran.

 

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