Central Bank of Iran - Money and Credit Council

Money and Credit Council

See also: Government of Iran

The Money and Credit Council (MCC) is the highest banking policy-making body of Bank Markazi. Its permanent members include the CBI Governor, the Finance and Economy Minister, two Ministers chosen by the Cabinet, The Head of the Chamber of Commerce, the General Prosecutor and two lawmakers (MPs).

Each year, after approval of the government’s annual budget, the CBI presents a detailed monetary and credit policy to the MCC for approval. Thereafter, major elements of these policies are incorporated in the five-year economic development plan.

The Iranian Central Bank needs more independence from the government in order to combat inflation, according to the country’s Parliament Research Center. As of 2010, Iran’s Central Bank, is not able to conduct a “proactive” monetary policy and has no control over the government’s fiscal policy.

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