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Iran's Parliament puts foreign banks law into effect

Source: Mehr News Agency, Tehran

Iranian Majlis has instructed the administration to implement the law easing regulations for foreign banks to set up branches in Iran, the Mehr News Agency reported on Sunday.

The Majlis approved a bill in May, according to which foreign entities will be allowed to hold over ten percent of the shares in joint banks with Iran but not more than 49 percent of the shares.

An amendment to the Fourth Socio-Economic Development Plan (2005-2010) had stipulated that real or legal entities could not hold over five percent of shares in joint banks.

According to the law, joint banks established with legal foreign entities as partners in which over 51 percent of the shares are held by Iranian shareholders will be regarded as Iranian entities.

In February, the director of Iran's Organization for Investment, Economic and Technical Assistance said that monetary and banking regulations were outdated and hindered the activities of foreign banks in Iran.

Behrouz Alishiri added that the Central Bank of Iran and the Money and Credit Council were preparing supervisory rules and regulations to govern the activities of foreign banks in Iran.

... Payvand News - 08/01/10 ... --

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