Under a new clause the parliament has added to the Monetary and Banking Act’s Article 39, the Central Bank of Iran has the legal authority to take action against unauthorized financial and credit institutions and funds, said Mousa Reza Servati, a member of the planning and budgetary committee of the parliament on Tuesday. He said all credit and financial institutions, just like commercial banks, must now respect the regulations set by the central bank. According to Eghtesad News website, development funds supported by the government are excluded from the law. Over 7,000 financial institutions, many of which having no operation license, are said to operating across the country.
