Bookmark and Share

Auditor fears public could lose trust in Iran's banking system


Source: Radio Zamaneh

The deputy auditor of the Central Bank of Iran has warned that some banks may be involved in serious breaches of regulations that may lead to a widespread lack of trust in the banking system among the general public.

Central Bank of Iran
Central Bank of Iran

The Mehr News agency reports that Ebrahim Darvishi did not go any further in explaining the details of these violations in a speech he gave on Monday February 4, but he did emphasize that they will lead to "a lack of confidence and disappointment" in the nation's banks.

Darvishi added that the violations are continuing despite warnings, and directives have been issued to all banks and financial institutions to keep their books in order and avoid these violations.

The Iranian banking system has been a prey to various embezzlement schemes in recent years. Most scandalous of all was the $3-billion fraud case in which a series of banks were involved in the sale of fraudulent letters of credit.

Many top officials of the regime were essentially implicated in the $3-billion fraud case, and the heads of two top banks, Melli and Saderat, were dismissed. The former fled the country and is now residing in Canada.

© Copyright 2013 (All Rights Reserved)