VOL. XLI

No. 40

5-October-1998

IRAN

Iranian Parliament Approves First Non-State Bank

The Iranian parliament on 27 September passed a law to establish thefirst non-state bank since the 1979 Islamic revolution. The "Cooperatives Bank,"as the new institution will be known, will be launched with private capital and will notbe subject to the regulations governing state banks. Irans Ministry of Cooperativeshad requested the approval for the new bank. Proponents of the law argued that the newbank will...