Trust in domestic banks; a result of transparency

 TEHRAN (CBI PR dept)- In the 57th annual general assembly of the Central Bank of the Islamic Republic of Iran, President Rouhani stated that the progress made in Iran’s banking system and the expansion of relationship with foreign banks is a result of transparency.
 

The president of the Islamic republic of Iran, Hassan Rouhani expressed that our relationship with the world had improved in the past 3 to 4 years. "Due to the efforts of the central bank and other banks, today we have better conditions in the fields of relations with foreign banks, agent banks, correspondent relationships and LCs than before. However, it is still far from being desirable and more efforts should be made", he said.
 

Emphasizing that the government is determined to continue this way and the trust of global banks in our banks should be increased, the president added: "The amount of a bank's capital, capital adequacy, discipline in the bank and clean balance sheets are among the factors that can affect  the growth of trust and expansion of relationships with foreign banks. The government has presented three Bills to the parliament on Anti Money Laundering (AML), Combating Financing Terrorism (CFT) and modifying some legal provisions. Their ratification can change the world’s viewpoint of domestic banks and the monetary and financial trends within the country".

Stressing that the current global banks' trust in domestic banks is a result of transparent capital and balance sheets, Dr. Rouhani said: "Undoubtedly, transparency is in our favor. Lack of transparency might bring a short-term benefit, if any, but our long-term profits lie in transparency and consideration of national interests". The president mentioned that one of our banking system problems today is that we are behind international banking and we must adapt ourselves with up-to-date bylaws and regulations of the world banking. “Today we have managed to go one step away from the black list concerning the rules and regulations of banking and finance.”, he continued.

Stating that our condition in terms of economic risk is better than ever before and we have made progress, the president said: "Measured by any gauge, today the state of our banks is far better than the past, and, proportionately,  people's trust in banks should increase and the banks' relations with the world should be made easier and more widespread.
Visits:   2,139