EghtesadOnline: Governor of Central Bank of Iran says the bank has been working hard to reform the banking system long grappling with mismanagement and financial indiscipline.
EghtesadOnline: The Majlis speaker says reforms to the central bank law proposed by the government to overhaul the dysfunctional banking system has been reviewed in the relevant committees and is awaiting a final vote in the chamber.
EghtesadOnline: Central bank data says total lending by the banking system reached 13.23 quadrillion rials ($89.4 billion) during the 12 months to July 22.The figure was 29% higher year on year.
EghtesadOnline: The banking system lent more than 36 trillion rials ($261.8 million) to 1,043 knowledge-based companies during the first half of the current fiscal (March-September), the Central Bank of Iran said.
EghtesadOnline: The head of Iran Chamber of Commerce, Industries, Mines and Agriculture called on the government and the Central Bank of Iran to improve oversight of the cumbersome banking system and move it toward the "productive" sectors of the economy.
EghtesadOnline: Debts of banks to the Central Bank of Iran have been rising at an alarming rate in recent years and the issue has become a major challenge for the banking system because the unpaid debts are a major factor behind the bulging liquidity and the galloping inflation.
EghtesadOnline: The Trump administration abandoned the Iran nuclear deal this year and is reimposing sanctions. The sanctions leave western companies and banks with a stark choice. If they do business with Iran, they lose access to the American market and financial system. Not surprisingly, businesses and banks have been cutting ties with Iran or shelving plans to invest there. But one important financial link to the country remains: the financial messaging service that plays a crucial role in moving money around the international banking system.
EghtesadOnline: EU and Iran have agreed to continue trade after the US withdrawal from the nuclear deal. To circumvent US sanctions, they recently announced a plan for maintaining payment channels outside the banking system, which could be targeted by the sanctions.
EghtesadOnline: A major part of the Comprehensive Banking Law targeting the struggling banking system and problems of the central bank has been approved, the head of the Monetary and Banking Committee of Majlis Economic Affairs Commission Mohammad Hossein Hosseinzadeh Bahraini told state TV.