Majlis to review establishment of 6 foreign banks

February 16, 2010 - 0:0

TEHRAN – The director of the Organization for Investment, Economic and Technical Assistance of Iran said that requests to remove limitations for the activity of six foreign banks in Iran have been sent to Majlis.

The Mehr News Agency quoted Behrouz Alishiri as saying that reviewing this matter in a special workgroup of the Special Trade Committee of the legislative body should be concluded by the end of the current Iranian calendar year (March 20).
Amendments to Article 44 of the Iranian Constitution would help in the speedy establishment of the six foreign banks in Iran, he added.
The Iranian official said that money and banking regulations were outdated and caused restrictions for the operation of foreign banks in Iran.
He had previously noted that the Central Bank of Iran and the Money and Credit Council were preparing supervisory rules and regulations for the activities of foreign banks in Iran.
Alishiri called for the urgent processing of the banks’ applications, and noted that the banks filing the requests for working in Iran were from states in the Persian Gulf and the Middle East regions as well as Asia