Oct 19, 2018, 1:30 PM
News Code: 83071082
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Regulations on foreign bank branches approved

Tehran, Oct 19, IRNA -- The Central Bank of Iran announced that the Money and Credit Council approved the Guidelines for the Establishment, Activity, Supervision and Closure of the Branch and Office of Foreign Bank Office in Iran in 79 articles and 22 notes.

Money and Credit Council at its 165th meeting, convened at the Central Bank on Tuesday October 16, proposed the Central Bank of Iran (CBI) to implement one of the outlines and articles of the Resistant Economy Program in order to facilitate and encourage the presence of international credible banks in the country.

The approval is aimed to increase competitiveness and deepen and create dynamism in the banking network and undertake amendment for the regulations on branches and offices of foreign banks in the country with the aim of complying with the current requirements.

Under the approval, to have better reforms in the regulations, the findings of relevant comparative studies will be used, while holding expert meetings, attended by the experts and practitioners. The approval also envisions updating, adjusting and consolidating related regulations.

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