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Checkbook Restrictions Eased

Checkbook Restrictions EasedCheckbook Restrictions Eased

The Central Bank of Iran’s Money and Credit Council approved amendments to regulations that will allow individuals and entities, which are not qualified to receive a checkbook, to open current accounts. Under the new directive containing 23 articles and 13 notes, CBI eased a statutory ban on issuing checkbooks to commercial enterprises and production units whose checks have bounced for reasons beyond their control, CBI’s website reported on Wednesday. The revisions came in response to a call from those dealing with the banking system for streamlining the complex procedures related to the current account. CBI, the sector’s top regulator, has launched a massive overhaul drive to revamp a dysfunctional check-processing mechanism to make the national banking system conform to global standards to alleviate the concerns of potential local investors and overseas lenders and businesses wary of entering Iran’s lucrative market.

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