{"id":23414,"date":"2017-08-23T01:35:00","date_gmt":"2017-08-23T00:35:00","guid":{"rendered":"https:\/\/www.ncr-iran.org\/en\/issues\/economy\/23414-iran-where-is-the-most-backward-banking-system-of-the-world"},"modified":"2023-01-17T16:59:25","modified_gmt":"2023-01-17T15:59:25","slug":"iran-where-is-the-most-backward-banking-system-of-the-world","status":"publish","type":"post","link":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/iran-where-is-the-most-backward-banking-system-of-the-world\/","title":{"rendered":"Iran: Where Is the Most Backward Banking System of the World?"},"content":{"rendered":"<p><img decoding=\"async\" title=\"5235_ycsxdki\" class=\" size-full wp-image-49489\" src=\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/sites\/2\/2017\/08\/5235_ycsxdki.jpg\" alt=\"5235_ycsxdki\" width=\"480\" height=\"300\" srcset=\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2017\/08\/5235_ycsxdki.jpg 480w, https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2017\/08\/5235_ycsxdki-300x188.jpg 300w\" sizes=\"(max-width: 480px) 100vw, 480px\" \/><\/p>\n<p>NCRI &#8211; The advisor to the Iranian regime\u2019s president acknowledged backwardness of the regime\u2019s banking system and said: \u201cWe have the weakest banking system in the world, and if the government cannot repair this defective system, production will be difficult in the country.\u201d<\/p>\n<p>Akbar Turkan, advisor to 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, and added: \u201cBut 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.\u201d<\/p>\n<p>&#8220;In this situation, our banking system is not encouraging production,\u201d he added, saying that there is no business in the country with a 28 percent gain.<\/p>\n<p>Rouhani&#8217;s adviser said that there are three impaired pillars in our banking system which didn\u2019t 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.<\/p>\n<p>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: \u201cIn 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.\u201d<\/p>\n<p>\u201cIf the government cannot repair this defective system, production will be problematic in the country,\u201d said the adviser of the regime\u2019s president, stating that such a system is now underway and the banking system is lagging behind.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NCRI &ndash; The advisor to the Iranian regime&rsquo;s president acknowledged backwardness of the regime&rsquo;s banking system and said: &ldquo;We have the weakest banking system in the world, and if the [&#8230;]<\/p>\n","protected":false},"author":10,"featured_media":49489,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[175],"class_list":{"0":"post-23414","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-updated"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Iran: Where Is the Most Backward Banking System of the World? 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