Banking and Insurance in Iran - Foreign Banks

Foreign Banks

See also: Central Bank of Iran, Foreign portfolio investment in Iran, Foreign Direct Investment in Iran, Islamic Development Bank, and World Bank

According to CBI, 5 offices of foreign banks (as of May 2012) operate in Tehran and Kish free trade zone.

Article 44 (fifth clause) of the Iranian Constitution Law had heretofore placed banking activities exclusively in the hands of government. In tandem with the Law on Usury Free Banking Operations, these two measures effectively blocked foreign banking operations from conducting business in mainland Iran. In 2009 the Constitution was to be amended to allow foreign banks to operate normally in mainland Iran.

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