The Minister of Economy’s full-length defense of the central bank/unhealthy banks law is being organized

Seyed Ehsan housework said inWego With the economic correspondent of Fars news agency, referring to the examination of the draft law of the central bank in the public hall of the parliament, he said: In the meantime, many discussions and challenges have been raised by bankers, experts in Islamic economics, and some former governors of the central bank.

He added: Legislation in the field of banking and the central bank is a controversial issue, and as you know, the last law in the field of the central bank, money and banking belongs to half a century ago, and in this half century, there have been extensive changes in banking and finance. And this area has been one of the sectors whose developments have been rapid.

Referring to the experiences and needs of the country in the field of reforming the laws and regulations of the banking sector, the Minister of Economy said: In this regard, in three periods and two parliaments, the necessity of reforming the banking law has been emphasized many times and many efforts have been made, but unfortunately it has not been completed. .

* The 13th government believes in reforming the banking system

He continued: In the first meeting with the 13th government on the 6th of Shahrivar 1400, the supreme leader of the revolution called the reform of the banking system one of the pillars of economic reforms, and the 13th government also believes that the reform of the banking system is one of the pillars of the reform of the economic system.

* We welcome the reform of the monetary and banking law 50 years ago

housework Stating that the heart of these reforms is the reform of the structure of the Central Bank, he said: All regulations and supervision of the entire banking network is the responsibility of the Central Bank of the country, so from this point of view, we fully welcome the reform of the 50-year-old law and the direction Also, in correction, the orientation is acceptable.

* The central bank law only amends the monetary and banking law

The Minister of Economy stated that in the country’s monetary and banking law, the pillars of the central bank, the country’s monetary structure, the money and credit council, etc. are for the year 51, and stated that the law on banking operations without usury was approved in the year 62 and this law is due to requirements which came into being after the Islamic revolution and Imam Khomeini’s emphasis on the Shariah of all contracts was approved in 1962.

He continued: The usury-free banking law is mainly focused on the design of banking instruments and contracts to attract deposits and pay facilities, but the draft of the central bank law does not violate the usury-free banking operation law, rather, this plan mostly amends the monetary and banking law of 1951. .

* The characteristics of the Central Bank law proposal from the Minister of Economy of the 13th government

housework He considered the formation of specialized committees to be one of the advantages of the Central Bank law plan and added: This plan helps to make monetary decisions and currency policies of the country in a more specialized way, because the committees and high commissions have a specialized composition compared to the current situation.

* The possibility of organizing unhealthy banks with the approval of the draft law of the central bank

The minister of economy of the 13th government called another advantage of the central bank law plan to increase the supervisory power of the central bank and said: in the structure designed in this plan, the central bank will have more authority to supervise the banking network and tools will be provided to this institution that This set of unhealthy banks that you see today and whose survival depends on borrowing from the central bank will be organized.

He continued: Some unhealthy institutions can continue to survive all 350 days of the year through overdrafts from the Central Bank and even pay their employees’ salaries through overdrafts from the Central Bank, and this is the ultimate disaster that has occurred in the last few years. We have faced it.

housework Emphasizing that the draft law of the central bank gives good supervisory authority to the central bank to determine the duties of these banks, he said: We cannot invite everyone to discipline and say that the government should be disciplined and the banks should be disciplined, but a few unhealthy banks ignore all the rules of the country. and impose the cost on the country.

*In the past, a credit institution did not easily allow supervisory officials to enter the central bank

Minister of Economy in response to the question that if this plan is approved, unhealthy banks will be dissolved or merge be? Comment: In the third law, four paths are foreseen which, with the authority that the central bank has, will have the necessary tools and powers according to the conditions of that bank. In the past, the Central Bank even entered to get some information or detailed financial statements and detailed files, and the officials of an institution that has been dissolved today did not allow the Central Bank’s supervisory officials to enter for a long time. This level of weakness in authority and supervision is unique and basically prevents any supervision.

He clarified: The good powers given in this law, provided that the central bank officials use these powers in a good way, can have a very good effect in organizing unhealthy banks and supervising banks.

* Attention to the problem of conflict of interests in the plan of the Central Bank Law

housework Another feature of the draft law of the central bank was attention to the conflict of interest and added: Anyway, the managers of the central bank in our country were always accused of being in conflict with the network. Bankers They have a conflict of interest and by the way they do not supervise the banks because they want to take responsibility in those banks after finishing their work at the central bank or have their shares.

* Tafte Central Bank is not separate from the whole government, but it must have the authority to act

In response to the question of whether the central bank’s independence has been achieved in this plan, the Minister of Economic Affairs and Finance said: I am speaking here as the Minister of Economy, but the government does not have a summary resolution in this regard; We in the Ministry of Economy, although we advocate that the central bank should carry out monetary policy with the entire economic policies of the government and the parliament, and it is not a separate taffeta from the entire governance that makes uncoordinated decisions, but it must definitely fulfill its legal duties, such as controlling inflation, health The banking network and the set objectives, which are included in Article 3 of the draft law of the Central Bank, must have the necessary authority to apply it.

He added: “In the world, when we talk about the necessary powers of the central bank, it means that it is safe from a phenomenon of budgetary dominance.” That is, it should not be the case that the program organization or the government obligates the central bank because it has a budget deficit the price The increase in inflation will cover the budget deficit.

housework He continued: They say that if the central bank has so much authority to say that in order to control inflation, it must control liquidity to this extent and the government cannot disrupt this goal setting by imposing a budget deficit, then the independence of the central bank has been achieved. This approach is correct and the central bank law plan helps the monetary policy maker to have this type of independence.

* The possibility of wide access of the Central Bank to the information of banks

Referring to the other side of the independence of the Central Bank, which is the independence of the Central Bank from the banking system, he said: According to the plan of the Central Bank Law, the Central Bank will have significant access to the details of the banks’ information and will quickly find out, for example, the status of facilities and large obligations. Is; What is the status of the beneficiary of the unit, related persons and such things?

The Minister of Economy stated: The Central Bank is obliged to report its performance twice a year to the parliament and continuously submit the code to the government. These assignments are transparency assignments, which make it a step forward compared to what was possible 50 years ago, and for the country’s economy.Gosha be Of course, in the previous editions of this plan, there were issues that many economists and professors of Islamic economics criticized, but in the final edition, this problem has been resolved and disputes have decreased.

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