Iran economy minister says further bank closures possible

 

Iran’s Economy Minister Ali Madanizadeh said on Saturday that the government was pursuing reforms at several banks and financial institutions and could ultimately dissolve, liquidate or merge those that fail to make the required changes.

“For a number of financial institutions and banks, reform programs are now being implemented,” Madanizadeh said. “If the reforms are not completed, processes such as dissolution, liquidation or merger with other banks will be carried out.”

Madanizadeh said the Central Bank was putting pressure on the institutions to make changes, but did not identify them or specify the problems at individual banks.

He also defended the government’s broader economic overhaul, including changes to currency, banking and energy policies, saying postponing reforms would result in “higher inflation, deeper recession, lower per-capita income, weaker livelihoods and greater poverty.”

https://www.iranintl.com/en/202608227621