Iran encourages foreign banks to work in country

Business Materials 9 July 2011 14:28 (UTC +04:00)

Azerbaijan, Baku, July 9 /Trend/

The Money and Credit Council will encourage foreign banks activity in Iran to run offices in the country while it reformed the regulations of interest rates and supervision of foreign banks in Iran, Iranian daily Donya-e Eqtesad reported.

The interest rate, lending, and foreign exchange services will be determined by foreign bank offices. The Money and Credit Council approach to encourage foreign banks leads to import of foreign exchange to the country and creates a transparent atmosphere in Iran's exchange market.

The Central Bank of Iran announced recently that in order to encourage foreign banks to work in Iran the Money and Credit council approved the bank offices assign the interest rate, cost of exchange services and loan by their own.