Economy, Business And Markets

Bank Branches Shrink in Iran

Bank Branches Shrink Bank Branches Shrink

Iranian banks have shrunk by 0.3% in the previous quarter ending March 20 compared with the previous year, fulfilling a long-held target for an industry marked by overcapacity and rapid proliferation across the country. 
According to a report released by the Central Bank of Iran on its website on Wednesday, the total number of the country's bank branches reached 20,723 by the final quarter of the previous fiscal year, registering a 0.3% decrease. 
The reduction, however small, comes as Iranian banks are looking for ways to cut costs and encourage customers to embrace mobile banking instead of conducting transactions in a physical branch.
Iran’s central bank has ceased issuing permits for new private banks or commercial lenders.
President Hassan Rouhani has been among those lambasting the bloated banking industry.


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