TEHRAN Managing director of a Kar-Afarinan (employment generators), a private credit institute, Parviz Aqili said here Monday that it is expected that the institute will be the first private bank to begin operation in Iran by the end of the current Iranian year (March 20, 2001).
He added that institution is now operating with a capital investment of 30 billion rials under the jurisdiction of the Central Bank of Iran (CBI).
Based on the CBI directive 20 percent of the bank will be earmarked to the service sector with rest going to the industries and other employment generating activities, he added.
Aqili said 85 percent of the founding members have provided 85 percent of the capital while the rest were raised from the public deposits.
"The institute is currently providing 100 percent of banking services and its interest-paid on deposits is two percent higher than the banking system", he stated.
Aqili said that the institute would be able to attract domestic well as foreign resources, adding that hopefully it (institute) will also be able to obtain CBI authorization to trade in hard currencies.
(IRNA)