Iran's Banking Reforms Making Slow But Steady Progress

Governor of Central Bank of Iran says the bank has been working hard to reform the banking system long grappling with mismanagement and financial indiscipline.  
Addressing participants in the 30th Islamic Banking Conference on Saturday in Tehran, Abdolnasser Hemmati spoke of reforms coming into force gradually and highlighted the ingrained ills of the key sector. 
“Problems cannot be solved overnight simply because they were not created overnight,” he told the conferees, IRNA reported. 
Iran’s banking industry is suffering, among other things, from issues such as poor balance sheets, capital inadequacy, inability to recover non-performing loans to the tune of billions of dollars, arcane rules, and dubious operations of illegal credit institutions that have been punishing the economy for years.