EghtresadOnline: Four special committees are pursuing the liquidation of the last remaining illegal credit institutions and their main task is to identify the assets of these entities for auction, a deputy Majlis speaker said.
EghtesadOnline: As it strives to relegate the phenomenon of shadow banks to history, the Central Bank of Iran has orchestrated a merger of two such banks into a legitimate one in order to wipe away the last traces of that rogue industry.
EghtesadOnline: All illegal credit institutions will be fully organized and sorted out by the Central Bank of Iran and the parliament up to the first half of the next fiscal year in late September, the head of Majlis Economic Commission said.
EghtesadOnline: As part of efforts to organize the informal monetary market, particularly the unlicensed credit and financial institutions, a committee is to be formed at the Central Bank of Iran with the sole purpose of dealing with the fallout from these entities going bankrupt.
EghtesadOnline: Organizing the unlicensed credit and financial institutions is among the government's biggest achievement, President Hassan Rouhani announced in a recent TV interview.
EghtesadOnline: The government, the judiciary and the parliament are ramping up their concerted campaign to put to an end to the saga of illegal credit institutions and increasingly support the thousands of people who have lost their money to them.
EghtesadOnline: President Hassan Rouhani has approved a bilateral initiative between the Central Bank of Iran and the Interior Ministry, which will grant the necessary authority to the two entities to prevent the formation of more illegal credit institutions in the future, a deputy interior minister said.
EghtesadOnline: The International Monetary Fund has hailed efforts by the Central Bank of Iran in curbing the activities of a multitude of unruly credit institutions, which eluded the regulator's oversight for many years and imperiled the stability of the country's financial markets.
EghtesadOnline: The Iranian banking system has been combating a variety of serious problems such as a crippling credit crunch, sky-high non-performing loans and a lower share of the money market caused by the activities of shadow banks.
EghtesadOnline: Illegal credit institutions that mushroomed during the tenure of the former administration and whose malevolent effects continue to dog the country’s financial system are on their way out, the governor of the Central Bank of Iran announced.