EghtesadOnline: The Central Bank of Iran, the lending sector’s top regulator, plans to use its authority to bring the rogue credit cooperatives into line within two months, the CBI’s deputy for supervisory affairs said.
President Hassan Rouhani’s administration has struggled to rein in unlicensed credit and financial institutions that emerged in the 80s and 90s, and mushroomed over the past two decades. “Banks operating in defiance of CBI’s directives were the main source of distruption in the banking system in the past,” Farshad Heidari was quoted as saying by IBENA on Monday.
“At present, there are no active unlicensed financial institutions. There are only a few cooperatives that will fall completely under our supervisory watch by the end of summer [Sept. 22],” Financial Tribune quoted him as saying.