Private Iran bank gains licence

IRAN - Iran's first private bank since the 1979 Islamic revolution has received a licence to begin operations as part of a wider package of economic reforms intended to restructure the state-controlled banking sector.

Officials of the Central Bank of Iran said that it had received more than 30 applications and so far one licence had been issued, to Bank Eqtesad-e-Novin which calls itself Modern Economic Bank.

Iran's private banks were all nationalised after the revolution. The return of private

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