Tehran Minister of Housing and Urban Development Ali Abdolalizadeh said here on Saturday that setting up private banks, which is among the achievements of the Khatami administration, took four years to put into practice.

Speaking at the General Assembly of the first nongovernmental bank, called Eqtesad-e Novin' (new economy), he said private banks should help in the expansion of the country's banking system and provide prompt services to customers. He advised the private banks to try to do away with financial transactions involving physical transfer of money.

Private banks, he said, can help meet the people's needs for housing and employment. "The people are ready to employ their capital to help advance the country's economy," he said.