More Banks

There is one bank for every 3,000 people, according to figures released by the Statistical Center of Iran and the Central Bank, ISNA reported. Last year, (ended March 20) the Central Bank issued licenses for 34 banks and financial institutions, taking the total number of bank branches to 20,000 across the country. Earlier, the Central Bank had issued an ordinance directing banks to reduce the number of their branches by 20%. Experts believe more banks could be detrimental to the financial system.