Central Bank to wind down law-breaking financial institutions
The Iranian Central Bank governor stated that his organization will categorically wipe out all financial entities breaking rules set by the Central Bank.
The Mehr News Agency quoted Mahmoud Bahmani as saying that regulating financial institutions according to CB policies started two years ago and during this period permits have been issued to law-abiding establishments.
Last year was the last chance given to unqualified foundations and we gave opportunity to many institutions to gain their permits, he said.
He pointed out that in one move alone the bank granted permits to as many as 801 establishments leaving out 200 firms that were not qualified at that time.
If these financial entities do not meet the requirements set by us in the announced time-frame they will definitely be closed this time, he reiterated.