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EghtesadOnline: Minimum capital requirement for establishment of off-shore banks in free zones rose from €25m to €150m.

Additionally, off-shore banking operations and transactions through independent units are exclusively made possible by opening banks with establishment of non-banking credit institutions to perform these operations is practically revoked.

According to CBI Public Relations report, Money and Credit Council reviewed the circular "Executive Instruction Supervising Establishment, Activity, Supervision and Dissolution of Off-Shore bank Units in Free Trade and Industrial Zones of the I.R Iran" on July 28, 2016 in order to facilitate the presence and activities of credible banks with adequate and efficient capital to carry out off-shore banking operations in the free zones.

These banks must be capable to compensate probable losses, cover risks and have sufficient credit lending capacities, according to ISNA.

CBI minimum capital requirement