Despite the urgent need to reform the Iranian banking sector, the government has been unable to move swiftly and submit to parliament the necessary draft laws for approval and implementation. The planned reforms drew immediate parliamentary criticism upon their initial announcement in June and will elicit a major tussle with government.

Mohammad Reza Pour-Ebrahimi head of the Majlis Economic Commission said on 22 October that he expects parliament to approve the final draft of a new banking reform bill by the end of the current fiscal year in March 2017. Although a first draft of the law was approved by the Majlis in early October, a revised version of the draft law was completed this week and is due to be submitted to parliament shortly. (CONTINUED - 805 WORDS)