Foreign banks to be allowed to Iran

TEHRAN, Aug. 03 (MNA) – The governor of the CBI told the media about a bill to be handed to the Parliament which lets foreign banks open branches in Iran.

Governor of Central Bank of Iran (CBI) Valiollah Seif told the reporters about the new bill drafted by CBI after the meeting with representatives from Tehran Chamber of Commerce, Industries and Mining.

According to new bill intorduced by the CBI, foreign banks would be permitted to open branches in Iran needless to partner with an Iranian body holding relative majority of the shares.

Despite the permission, he added, many foreign bankers prefer to join Iranian bankers to have a better chance of attracting domestic capital among Iranians.

Earlier in May, Seif had said that European and Arab investors were interested in Iran’s banking sector.

Two years into President Hassan Rouhani's term in office, the government has brought the inflation rate down to 15% from 40% at the beginning of his term by applying 'appropriate monetary policies and fiscal discipline.'

Seif also reassured Iran's free trade zones were previously with no limitations and the bill was to ease mainland activity of foreigners.

 

News Code 108989

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