In order to protect the interests of banks and credit institutions' depositors and shareholders, and maintain the stability and health of banking system, the Central Bank of Iran has set a number of conditions vis-à-vis banks' financial statements whose fulfillment is necessary for shareholders' annual meetings to become viable. According to CBI's directive, banks and credit institutions are obliged to present their financial statements and their footnotes, based on the International Financial Reporting Standards, to their board members, independent auditors, reg...

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Cabinet votes to change National Currency President Hassan Rouhani’s Cabinet voted on Dec. 7 to approve a bill that proposes to change Iran’s currency from the rial to the toman, and to remove one zero, the official Islamic Republic News Agency (IRNA) reported. The measure was proposed by the Central Bank of Iran (CBI) and needs parliament and Guardian Council approval to take effect. The move came less than a month after Abolfazl Akrami, director general for economic affairs at the CBI, told the semi-official Iranian Student News Agency that the CBI had no plans to ...

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