Iran’s president: Banking system revision needed for economic reform

The Iranian president said that the success of economic reform plan depends on the success of the reform of the banking system of the country, adding that the current approach of the banking system should be revised on the basis of justice for the benefit of the people.

In a meeting with the CEOs of the banks in Tehran on Monday, Seyyed Ebrahim Raeisi noted that his government has prioritized reorganizations in various fields, and especially a reform in the current banking system, according to president.ir.

The president urged the banks to form a taskforce in cooperation with the Central Bank of Iran (CBI) before the end of the current Iranian year (March 20) to identify and resolve internal problems of the banking system to resolve conflicts, create transparency and facilitate banking activities for people and producers.

The experience of bank CEOs is an important asset that helps the materialization of a real reform in the banking system, Raeisi said.

“Bank CEOs should know that their commitment to proposed reforms is necessary for success of the banking system,” he continued.

Raeisi said, "Banks should try to reduce the interest of the granted loans as much as possible. Also, the payment of small loans to the people should be facilitated."