Azerbaijan, Baku, July 12/Trend M. Moezzi
When Iran's Majlis' (parliament) returns from the summer holidays, its economic committee will work on a plan to reform the country's banking system.
Fars news agency reports that the committee has had meetings about banking reform with the Central Bank of Iran's chief, Mahmoud Bahmani. Iran's last banking reform law was passed in 2004.
Although Iran's banks have made strides in modernising their services, there have been alarming issues that point to the need for greater oversight. Over the past year Iran has been rocked by cases of massive bank fraud. One is a $3 billion (USD) fraud case that involves fake letters of credit and huge bank loans and a second, recently announced case, uncovered a $2.6 million in fraud at another bank.
This spring, the Central Bank announced Iranians issued $18 billion in bad cheques over an eight month period.