Thursday, September 23rd | 17 Tishri 5782

May 19, 2016 11:02 am

IMF Official: Iran Must Fix Banking System to Bolster Business Overseas

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The Central Bank of Iran (main building). An IMF official said Iran needs to fix its banking structure. Photo: Orijentolog.

The Central Bank of Iran (main building). An IMF official encouraged Iran to fix its banking system. Photo: Orijentolog.

Iran must tackle problems in its banking system and bolster anti-money laundering and terrorism-financing laws if it wants to reconnect to the global economy, the second-ranked official at the International Monetary Fund said in an interview in Tehran.

“The best thing the government can do, and the banks can do, is to bring those standards up to international levels and try to reassure foreign partners, banks and otherwise that Iran’s banks are safe to deal with,” David Lipton, Managing Director Christine Lagarde’s deputy at the Washington-based lender, said on Tuesday.

Read full story at Bloomberg.

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