The advisor to the Iranian regime’s president acknowledged backwardness of the regime’s banking system and said: “We have the weakest banking system in the world, and if the government cannot repair this defective system, production will be difficult in the country.”
Akbar Turkan, advisor to regime’s president Hassan Rouhani and Secretary of the Supreme Council of the Free Economic Zones, said that if we want to compare our management systems with industrialized countries, we have deficiencies in the field of technology, industry, biotechnology and space technology.
“But in the banking system, we have the most backward banking system and we are far away from the world and people have to pay 28% interest for bank facility and services” which makes Iran terrible place for doing business.” he added.
“In this situation, our banking system is not encouraging production,” he stressed, saying that there is no business in the country with a 28 percent gain.
Rouhani’s advisor said that there are three impaired pillars in our banking system which didn’t exist in the no-usury banking law. The fixed deposit interest, the loan interest, and the interest on current accounts. And as a result of them that banks raise the price of the services they provide.
Referring to the fact that the 28% interest declared by banks for loan repayment is also unrealistic and the actual amount is higher, Turkan said: “In order to receive the facilities, you must keep some of your money in the hands of the banks, which in turn if the profit is calculated, the banks profit from lending the money will be much higher.”
“If the government cannot repair this defective system, production will be problematic in the country,” said the advisor of the regime’s president, stating that such a system is now underway and the banking system is lagging behind.”