Iran’s Banks Are Trying to Catch Up After Years of Isolation
- Central bank instructs banks to conform with global standards
- Proposed law would strengthen central bank’s independence
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Iranian banks are trying to catch up with the rest of the world.
After years of isolation left them with outdated practices, they’re attempting to fall in line with international standards of transparency so they can better attract business and integrate with the global industry. The central bank has instructed local lenders to set up compliance departments and risk management programs, and to implement globally accepted accounting practices so the economy can take further advantage of the easing of international sanctions under the 2015 nuclear deal.