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Central Bank of Iran governor emphasizes independence of banks

The Central Bank of Iran (CBI) fully supports and respects the authority of banks to implement measures to better perform their functions, said CBI Governor Ebrahim Sheibani, IRNA reported from Tehran.

The official, as quoted by `Iran Daily' on Monday, said banks are allowed to organize and implement data processing operations in line with their duties as laid down in their articles of association and in accordance with CBI regulations.

Sheibani was reported to have said that the central bank's role and influence over the banking system is only supervisory.

"It is also responsible for defining standards relating to the use of electronic banking," he maintained.

He stressed the need to further advance the use of computerized banking operations and electronic banking, noting that these are the most effective ways of providing banking services.

"Electronic devices also help expedite banking operations and ultimately win customer satisfaction," Iran Labor News Agency (ILNA) quoted him as saying.

The top banking official also reiterated his support for Islamic banking operations which forbid usury.

To ensure compliance of the government's approved non-usurious banking, he said banks should set up committees to specifically oversee banking operations and prevent violations.

Sheibani called on banks to keep up with the growing and ever-changing demands of society by constantly revising and updating applicable laws.

"Public awareness of bank regulations is also vital and could guarantee strict observance of the laws to attain sound banking procedures," he said, calling for the mass media's cooperation in informing the public of pertinent bank laws, by-laws, circulars and executive orders.

"While upholding and remaining committed to its principles, the banking system should move along and keep up with latest advancements in the banking industry," Sheibani concluded.

... Payvand News - 7/21/03 ... --

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