TEHRAN – The joint committee of the Majlis studying the national budget bill has approved a law banning all state bodies from setting up deposit accounts to receive interest, the committee’s spokesman said on Wednesday.

Ali Asqar Yusofnejad said according to the new law, all state bodies are prohibited from receiving interest from their bank accounts, Mehr news agency reported.

He said the accounts which were set up before the law was approved are required to transfer their interest to the Treasury.

The new law will be applied to insurance companies, institutes, revolutionary organizations, parliament, etc., he explained.

MH/PA