Central Bank of Iran's suggestions of banking transparency approved

By  Trend

The Supreme Economic Coordination Council has approved the Central Bank of Iran's suggestions for more transparent banking transactions and combating money laundry.

The council session led by President Hassan Rouhani, attended by Parliament Speaker Ali Larijani and Judiciary Chief Ayatollah Sadeq Amoli Larijani has reviewed the CBI chief's report on currency market that included central bank efforts to more transparent currency market and creating confidence in real value of foreign currency rate, Tasnim reported.

The Iranian currency (rial) has rebounded recently due to CBI interventions on foreign currency prices. The devaluation of rial has previously led to frenzy in the currency market, where people invested their money in gold, foreign currencies and other properties. The rise of basic goods prices was the result of turbulence in the market.

The head of Plan and Budget Organization of Iran, who was also present at the session, has discussed the general resources and budget expenditures for the upcoming Persian new year (March21).

The new budget would focus on providing social justice, attention to people's incomes and living conditions, the growth of employment and support for domestic production.

In this regard, policies such as the allocating official rate currency for supply of basic goods, increase of salaries for the employees and pensioners, as well as the provision of support packages to low income families were emphasized by the council.

The council insisted on attention to people's needs, specially the low income class in the new budget plan.