Required Capital to Establish Off-Shore Banks in Free Zones Rose to €150m

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Required Capital to Establish Off-Shore Banks in Free Zones Rose to €150m

19 July 2016

Minimum capital requirement for the establishment of off-shore banks in free zones rose from €25m to €150m. Additionally, off-shore banking operations and transactions through independent units are exclusively made possible by opening of banks while establishment of non-banking credit institutions to perform these operations is revoked.

According to CBI PR dept, Money and Credit Council reviewed the circular "Executive Instruction Supervising Establishment, Activity, Supervision and Dissolution of Off-Shore bank Units in Free Trade and Industrial Zones of the I.R Iran" on July 28, 2016 in order to facilitate the presence and activities of credible banks with adequate and efficient capital to carry out off-shore banking operations in the free zones. These banks must be capable to compensate probable losses, cover risks and have sufficient credit lending capacities.

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