Central bank to propose amendments to monetary, banking act

Iran Materials 16 June 2009 11:23 (UTC +04:00)

TEHRAN (MEHR - Trend )

Central Bank of Iran Governor Mahmoud Bahmani has said the CBI will prepare a draft of amendments to the domestic monetary and banking act and will offer it to the cabinet by the weekend to be approved.

Bahmani told the Mehr News Agency that the usury free banking law based on Islamic codes was amended in 2007, but it should be revised once again to meet the current requirements.

The said law includes new definitions of the national monetary policies and the Central Bank responsibilities, the CBI governor said.

Iran's monetary and banking law was approved 37 years ago, he observed.

Companies, institutions, enterprises, organizations, funds and credit unions are licensed by CBI, embark on monetary and financial activities and their activities should conform to the CBI guidelines and regulations.

The CBI, as the sole regulatory and supervisory authority of the banks and credit institutions, provides guidelines and draft regulations for such institutions.