EghtesadOnline: Iran's economy is bedeviled by a series of major issues arising from decades of mismanagement that has made the banking system bear the brunt as the country's predominant financer, although efforts in the last few years have been made to balance things out.
EghtesadOnline: Lawmakers on Tuesday passed a number of measures related to the banking system and the National Development Fund of Iran while reviewing articles of the fiscal 2018-19 budget.
EghtesadOnline: Bank Mellat has now made facial recognition available as an option for unlocking its mobile banking app to become the first bank to offer this capability in the Iranian banking system.
EghtesadOnline: The Central Bank of Iran has backtracked on its directive that was supposed to be implemented from Sunday and aimed at boosting information safety in the banking system by making end-to-end encryption for card not present transactions mandatory.
EghtesadOnline: Bank Melli Iran, the country’s biggest bank, attracted more than 22% of all the rial and foreign exchange deposits of the banking system in the first nine months of the current fiscal year to Dec. 21, placing it on top of all banks and credit institutions in this regard.
EghtesadOnline: In its latest directive to the banking system, the Central Bank of Iran has obliged all banks and credit institutions to refrain from accepting any kind of guarantees from financial entities active in the capital market and under the supervision of the Securities and Exchange Organization, including brokerage firms.
EghtesadOnline: Close to two years after the Joint Comprehensive Plan of Action was signed, the Iranian banking system has regained the lost ground and established 808 correspondent banking relations with 286 foreign banks.
EghtesadOnline: A senior member at Iran's biggest bank has come out in favor of cryptocurrencies and called for them to be recognized and widely accepted in the banking system.
EghtesadOnline: As per the directive recently implemented in the banking system, natural persons are only allowed to open a total of six accounts with each bank while none of the accounts can be of the same kind, the head of the Banking Research and Regulations Department at the Central Bank of Iran said.
EghtesadOnline: A few months into the implementation of a Central Bank of Iran directive that meant changes for the banking system, depositors and markets, the regulator’s deputy for economic affairs has deemed it a successful scheme for giving rise to positive results.