8 Credit Cooperatives Lose License

The Central Bank of Iran recently revoked the licenses of eight credit cooperatives. According to the latest update in the list of these financial institutions with the monetary regulator, the number of licensed credit cooperatives has been reduced to 255 from the previous 263, IBENA reported. The services of credit cooperatives are only limited to their members and are not available for the general public, but the central bank has become increasingly wary after it dedicated much of its focus in the past year to tackle the illegal credit institutions. The rising number of shadow banks had taken up a significant portion of Iran’s money market, but were eliminated by CBI months ago as the last of them was merged or closed.