Foreign banks allowed in Free Trade Zones

TEHRAN, Aug. 11 (MNA) – In an official statement issued by Iran’s Cental Bank, the regulations to allow global banking in Iran’s Free Trade Zones were decreed.

The decree released by Iran’s Central Bank obliges the legal entities in Iranian Free Trade Zones to behave in line with the regulations passed by Iran Monetary Council in its 1205th session on Saturday.

It says any monetary activity involving currencies but Iran’s Rial is now on under the new law bestowing more freedom to foreign banking in Free Trade Zones.

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

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

The decision came after Rouhani’s administration’s will to attract foreign capital and investment in Iran.

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.' 


News Code 109164


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