VOL. XL

No. 36

8-September-1997

IRAN

First Private Credit Institution Opens In Iran

The first private credit institution in Iran was due to open on 6 September with aninitial capital of IR5bn ($1.7mn). It will be the first to be set up since thenationalization of all banks after the 1979 Islamic revolution. The Iranian government in1994 approved regulations to allow the foundation of private savings and loan associationsin an effort to encourage savings. These institutions offer various types...