NO. 32


Financial and Banking News

Capital Markets

Iran Allows Creation Of Privately Owned Banks

The Iranian cabinet has approved new regulations allowing the foundation ofprivate savings and loan associations which will be able to accept all types ofdeposits except those payable on demand. The new associations will thereforebe banks in all but name and will be able to challenge the existing state-ownedbanks for business. (The Iranian banking system was nationalized after the...