Money and Credit Council
See also: Government of IranThe 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.
Read more about this topic: Central Bank Of Iran
Famous quotes containing the words money, credit and/or council:
“There is a gigantic difference between earning a great deal of money and being rich.”
—Marlene Dietrich (1904–1992)
“If you want to be on good terms with everyone in this world, sell goods on credit and never ask for payment.”
—Chinese proverb.
“Parental attitudes have greater correlation with pupil achievement than material home circumstances or variations in school and classroom organization, instructional materials, and particular teaching practices.”
—Children and Their Primary Schools, vol. 1, ch. 3, Central Advisory Council for Education, London (1967)