TEHRAN The Third Five-year Economic Development Plan is to be credited for the outstanding growth in the country's banking system, the General Manager of the Bank Melli (national bank) of Iran Valiollah Seif said on Wednesday.

He also referred to the plan's provisions enhancing the capitals of the country's banks and the issuance of authorizations to establish private banks as the most important successes of the plan.

During a monthly session of the association of Tehran public relations offices, he said that implementation of new bank policies all over the country and the beefing up of banks' financial powers have paved the way for modernization of banking technology.

Citing to other developments, he referred to the country's executive banking operations and said that banking policies and regulations approved and implemented by authorized officials have withstood adequate criteria and there is no doubt as to the rationale for their issuance or proper observance of Islamic requirements.