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MRC: Most Banking Woes Unrelated to Sanctions

Despite the common perception of the people and some of the country’s elite, a considerable portion of problems in Iranian banks’ correspondent relations with global counterparts is rooted in non-sanction reasons
CAR is one of the biggest weak points of the country, as the Central Bank of Iran still operates on the  more than two-decade old Basel I standards. CAR is one of the biggest weak points of the country, as the Central Bank of Iran still operates on the  more than two-decade old Basel I standards.

After reviewing Iran’s conformance to a host of international banking regulations and standards, the research arm of the parliament has noted that the country’s banking woes are rooted internally and called for directing attention and resources to improve the system.
“Despite the common perception of the people and some of the country’s elite, a considerable portion of problems in Iranian banks’ correspondent relations with global counterparts is rooted in non-sanction reasons,” the Majlis Research Center said in its report published on its website.
The think tank, however, acknowledged that hard-hitting financial sanctions of previous years effectively cut Iran’s ties with global partners and made it fall behind from upgrades in international regulations and standards. 
The analytical report comes as US President Donald Trump violated Iran’s nuclear deal with world powers and announced on May 8 that he will be reimposing the hardest possible sanctions against Iran.

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