TEHRAN – The Central Bank of Iran (CBI) here on Friday announced that it has decreased the minimum capital required for establishing banks in free zones and the mainland as well.

According to CBI, the minimum registered capital needed for setting up banks in free zones dropped from 2 trillion rials ($203.8 million) to one trillion rials ($101.9 million) and in the mainland from 3.5 trillion rials ($356.8 million) to 2 trillion rials ($203.8 million).
The CBI invited all entities who are interested in investing in the banking sector and can afford to secure the minimum capital to refer to the CBI to sign a principal agreement, reported Mehr News Agency.
Mahmud Bahmani, the secretary general of the CBI, said that the Central Bank has so far received 53 requests in this regard, adding that the CBI has informed the applicants in writing to follow up on the matter to obtain the required permits.