Iran approves foreign bank branches
Parliament also moves to more than double cost of gasoline
Compiled by Daily Star staff
Thursday, April 29, 2004
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Iran's Parliament Wednesday approved a proposal to let branches of foreign banks and credit institutions operate anywhere in the country, instead of being restricted as now to free-trade zones, state radio reported. Under the article, which was approved by Parliament as part of discussions of Iran's fourth five-year economic development plan (2005-2010), foreign banks operating in Iran would have to follow Islamic banking principles.
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