Iran passes law to enhance activities of foreign banks

TEHRAN, Apr. 3 (MNA) – Iran’s cabinet has circulated a bylaw for the establishment of foreign banks in a move to increase activities of these banks in the country.

The bylaw stipulates that foreign banks which have been active for at least five years can establish branches in Iran provided being in the black in the past three years.

 

According to the Mehr News Agency, qualified foreign banks should furnish their branches with a minimum of five million euros, or the equivalent in other major currencies, as basic capital.

 

The bylaw allows the Central Bank of Iran to change the minimum capital and supervise the bank branches based on the Islamic banking code.

 

MG/MRK

END

MNA

News Code 32995

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