EghtesadOnline: Banks and credit institutions in Iran are facing a myriad of challenges including cumbersome regulations and technical issues to boost capital through revaluation of their assets, a senior banking official said.
EghtesadOnline: Banks and credit institutions in Iran lent 3,821 trillion rials ($34.1 billion) during the first six months (March 21-Sept. 22) of the current fiscal year.
EghtesadOnline: An executive bylaw of the Central Bank of Iran has made it mandatory for banks and credit institutions to create special units to deal exclusively with possible money laundering issues.
EghtesadOnline: The National Development Fund of Iran, the country’s sovereign wealth fund signed 15 agency contracts with banks to pay $5.8 billion in foreign currency loans during the first quarter of the current fiscal year (March 21- June 21).
EghtesadOnline: Central Insurance company of Iran (CII), the regulatory body of Iran’s fast growing insurance industry, is working on a scheme to cover bank accounts against cyberattacks.
EghtesadOnline: In a recent meeting with lawmakers, chief executives of banks expressed their opposition towards implementation of banking sector reforms.
EghtesadOnline: Iran’s banking sector, for a variety of reasons, has failed to keep up with the rapid pace of technological advancement in most countries since early 2000. However, lenders have resorted to some new approaches towards banking and financial technologies in their quest for not being left too far behind. But much more needs to be done.
EghtesadOnline: In line with efforts to help promote corporate governance and protect the rights of bank depositors and shareholders, the Central Bank of Iran has announced restrictions on ownership of banks’ shares.
EghtesadOnline: During the calendar month to June 22, total deposits with banks and credit institutions reached 21,765 trillion rials ($190.09 billion), up 26.6% year-on-year.
EghtesadOnline: Banks are set to dispose of assets to the tune of 600 trillion rials ($5.6 billion) by the end of the fiscal year (March 2020), a deputy minister of economy told a press conference on Monday.