MCC approves regulations on establishing representation offices of foreign banks in Iran

MNA – Money and Credit Council (MCC) in its latest session, held at the venue of the Central Bank of Iran (CBI), approved the regulations on ‘instruction of the way of establishing, monitoring, supervising and closing branch offices of foreign banks in Iran’ in 79 articles and 22 notes.

In line with facilitating and encouraging presence of reliable international banks in the country and with the aim of increasing competitiveness and creating dynamicity in banking network of the country, Money and Credit Council (MCC) approved the regulations governing the representation offices of foreign banks in the country according to the current terms and conditions.

In modifying and correcting the abovementioned regulations, it has been tried, moreover updating the current regulations, to take advantage of findings of relevant comparative studies as well as holding expert-level meetings in the presence of experts in line with integrating and consolidating regulations in this regard.

With the implementation of this regulations, it is hoped that terms and conditions for the establishment of representation offices of creditable international banks in the country will be facilitated and expedited, MCC maintained.