Central Bank of Iran orders banks to open books

The Central Bank of Iran (CBI) has demanded new measures to force transparency from banks and financial institutions, citing widespread failure to comply with existing freedom of information laws.

The directive, reported by Tasnim News Agency on Sunday, mandates dedicated online portals for immediate publication of non-confidential financial data including information on financial policies, loan facilities, and regulatory directives.

It also ordered banks and non-bank credit institutions to establish units to handle public inquiries within a strict 10-day deadline.

Aimed at bolstering public trust and accountability, the move comes in response to repeated violations of the Law on Publication and Free Access to Information, according to the CBI.

The CBI said that inspections reveal banks are consistently failing to comply with transparency laws, adding that this undermines public trust and hinders access to crucial financial information.

The measure comes as Iran slides to 151st out of 180 countries in Transparency International's 2024 Corruption Perceptions Index (CPI).

The CPI, which assesses perceived public sector corruption, shows Iran's continued decline, with a score of just 23 out of 100. The index highlights concerns over bribery, misuse of public funds, and limited access to information.

In October 2023, a report by the World Bank placed Iran among the worst countries in the world in terms of Worldwide Governance Indicators, with a Voice and Accountability Index score of -1.45, placing it among the lowest for political participation, free expression, and media freedom."