Banking Reform Bill Has MRC Seal of Approval

April 29, 2021
banking

T he Majlis Research Center says it welcomes provisions of a bill lawmakers are debating to reform the ailing banking sector.

It said the present rules were passed half a century ago, are imbued with flaws and for all practical purposes failed to protect the value of the national currency.

“While the CBI must safeguard the rial as per law, the currency has lost value 3,320 times compared to 1972 and the average inflation rate is much higher than the world average,” the parliamentary think-tank said in a report posted on its website.

The Majlis ratified outlines of the bill under the “Comprehensive Islamic Banking Bill” in December 2019 and MPs are to discuss it in full.

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