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Iran: Guardian Council blocks change in Central Bank

Source: Radio Zamaneh

Iran's Guardian Council challenged the parliament's move to change the composition of the Central Bank's General Assembly. Iranian parliament had passed a bill to remove the president from the governing body of the Central Bank and introduce a group of experienced economists in it instead.


The spokesman for the Guardian Council, Abbas Ali Kadkhodai announced that while there is no legal objection to the removal of the president from the governing body of the Central Bank, the introduction of economists is problematic since the membership of individuals from outside the three branches of the government in a government body is unconstitutional.

Guardian Council's spokesman, Abbas Ali Kadkhodai

The speaker of the parliament, Ali Larijani had however anticipated this objection saying that the economists do not have to be from the private sector and can be expert professionals approved by the president.

Currently the Central Bank General Assembly is composed of the president, minister of economics and treasury, deputy of planning and strategic supervision of the presidency, minister of commerce and another minister appointed by the existing members.

The head of the Central Bank is also appointed by the president and approved by the General Assembly.

According to the new bill, the General Assembly of the Central Bank is to be composed of 11 members each appointed for a ten year term and they are to be the minister of economy and treasury, deputy of planning and strategic supervision, head of Commerce, Mining and Indsutry Bureau, the Prosecutor General and seven expert economists with 15 years professional exeprience.

Some have described the parliament's move as a way of curbing the president's general powers. However, Iranian economic analysts have long criticized the monetary policies of the Central Bank and attributed the problems to government interference and Bank's lack of independence.

... Payvand News - 01/02/11 ... --

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