TEHRAN The State Expediency Council in a meeting Saturday presided over by Ayatollah Akbar Hashemi Rafsanjani, investigated other sections of amendments to the law for administering the free trade and industrial zones. The Guardians Council and Majlis disagree on certain aspects of the law. The session agreed on 100 percent increase in volume of foreign investment in Iranian banks operating in the zones.

The previous law envisaged an increase of 49 percent in investment. Secretary of the council, Mohsen Rezaie stressed at the end of the session that contribution by foreigners to the establishment of banks and credit institutions is either in the form of joint stock or limited companies. All banks falling in the said law should be Iranian and observe the laws and regulations of the Islamic Republic of Iran, said Rezaie. As per article 18 of the law for administering the free trade and industrial zones, he went on, the council agreed on the establishment of private Iranian institutes in the zones with local or foreign capitals.

Transparency of banking operations in the free trade and industrial zones and removal of possible ambiguities are the key features of the council's ratification on Saturday, he pointed out. (IRNA)