TEHRAN May 18 (MNA) -– A license for the opening of the first foreign bank in Iran has been issued by the government.

Chairman of the Central Bank of Iran (CBI) Ibrahim Sheybani said that Standard Chartered Bank was granted permission by CBI to start operations on Kish Island. The bank will begin operations when its human resources requirements are achieved.


He noted foreign banks awarded licenses will operate within the framework of the Islamic banking system practiced throughout the country.


In related banking issues, at recent Credit and Money Council meetings Sheybani said it was decided that interest rates charged on facilities in the industrial and agriculture sectors have been decreased by one percent. This measure was taken simultaneously with the comparative decline of inflation.


Finally he said that to maintain a non-usurious banking system a consulting delegation, composed of Hawza (seminary) and university experts, has been formed at CBI to consider the issue.



News Code 5862

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