TEHRAN, May 13 (Mehr News Agency) -- The presence of foreign banks in Iran will lead to the improvement of the banks' performance, will boost their competitiveness, and will speed up the country's membership in the World Trade Organization (WTO), an official asserted in Tehran on Sunday.
The presence of foreign bank branches in Iranian system and the purchase of the stocks of Iranian banks by foreign investors will enhance the banks' performance, Vahid Bozorgi, an official with Iran's Plenipotentiary Office at the World Trade Organization told MNA.
"Joining the WTO will close the loopholes in the related regulations and prevent economic fluctuations in the country," he commented.
The United States continues to block regular applications by Iran to start membership negotiations.
The WTO, which currently has 147 members, sets legally binding rules on trade that are designed to give all countries a level playing field for selling their exports.
Addressing a one-day seminar of the managers and governors of Bank Saderat Iran, the minister pointed to economic development and service as the two most important duties of the banks.
He also commented on the implementation of the recent amendment to the Article 44 of the Constitution, noting that the issue would lead to the privatization of banks in the current year.
Based on the Article 44 of the Constitution, 80 percent of the state stocks in a range of state-run factories, basic industries, and major companies will be sold to the private sector.
... Payvand News - 5/14/07 ...
... Payvand News - 5/14/07 ... --