TEHRAN On Monday, the Tehran City Council (TCC) rejected a bill by the Tehran Municipality to establish a financial center under the name Tehran Municipality Bank.

City Councilor Ibrahim Askharzadeh told the TCC's 199th session that the bid by the Tehran Municipality to set up a bank is illegal.

According to a decision of the Credit and Money Council, government institutions are banned from setting up financial or monetary centers and only the private sector and cooperatives have the right to establish banks.