• 1 July 2017 - 11:22
  • News Code: 71697
روز اول

TEHRAN- Governor of the Central Bank of Iran (CBI) Valiollah Seif says major portion of problems facing the monetary authority targets today is related to a collection of structural shortcomings and defects and past policies as well as extraneous variables that run out of the CBI control.

Addressing the 27th Annual Conference on Monetary and Foreign Exchange Policies, Seif said the banking system of Iran has over the past years been facing a number of shortcomings and restrictions.
He said the banking system is expected to serve as provider of the financial resources, while playing a provocative role and a forerunner in economic growth. "However, the banking system today is in need of receiving serious attention and care."
He noted that not much has passed from presidential elections and it is necessary to make plans to make appropriate decisions and policies to distance from adverse past trends

The top banker said maintaining financial stability and providing suitable grounds for sustainable economic growth rate, which are now the themes of the ongoing seminar, are highlights of the CBI policies and legal duties.
Liquidity management and promotion of monetary policies are the most important goals of the CBI for monetary stability and inflation control, said Seif, adding that any complete success in that concern will be possible in light of promotion of the financial and budget discipline of the government. "Central Bank of Iran resistance in that concern cannot be fruitful alone."
In another development, Seif said government success to keep inflation in a low level is an unprecedented success in the economic history of the Islamic Republic of Iran. "Such an issue marks an important achievement for Central Bank of Iran in providing a safe and tranquil atmosphere in the macro economic level, maintaining relatively efficient price system and gaining international credit; One cannot underestimate its role in achieving other goals like stability in the forex market and helping economic growth rate."
He hoped for recourse to the one-digit inflation rate in light of promotion of the monetary and financial discipline and adoption of effective strategy.
He said the CBI tries to operate independent of fall or increase in oil incomes and other external variables and factors. "The bank tries to regulate and enforce its forex policies in proportion and coordination with other policy making domains, while maintaining competitiveness among domestic products. So, while trying to prevent any anxiety and bank note exchanges in the forex market, the CBI plans to manage upcoming forex changes in tandem with domestic and outside inflation gap and within framework of the prioritized policy making for inflation control and encouraging non-oil exports."
He said single parity rate system is an important move taken with an aim to safeguard the CBI resources. "Such an important goal will be met in the near future so as to safeguard the CBI resources and uproot grounds for corruption in forex allocation system. "
He then highlighted the CBI measures in the field of monitoring as follows: Transparency of the financial bills of banks and credit institutions and operationalizing system of convergent financial reports with IFRS standard; checking functions of banks and credit institutions operating under supervision and management of non-organized monetary market; constant evaluation of profit rate of deposits and assets; emphasis on implementation of corporate sovereignty and its qualitative promotion in banks; emphasis on implementation of standards of special financial action group for campaign against the financing of terrorism and associated money laundering.

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