TEHRAN – The Governor of the Central Bank of Iran (CBI) held talks with the managing directors of the country’s banks in a CBI’s periodic meeting, IRIB reported on Tuesday, citing CBI public relations office.

Headed by CBI Governor Abdolnasser Hemmati, the meeting covered a variety of issues including managing the country’s cash flow, the need for acceleration of the completion and implementation of a one-time password (OTP) plan for all the bank accounts, and the operationalization of a productive credit certificate plan (Locally known as GAM).

Speaking in the meeting, Hemmati emphasized the central bank's strong determination for controlling and managing the cash flow in the country, saying that as from Wednesday, the ceiling for every person’s money transactions in a 24-hour period will be limited to 1 billion rials (about $23,800).

He also called on all the attendees to seriously pursue the implementation of the one-time password (OTP) plan.

Back in August, Hemmati said CBI’s current programs are mainly focused on controlling liquidity and supporting domestic production.

Speaking in the 30th edition of the Islamic Banking Conference in Tehran, the official mentioned some of CBI’s major plans and programs for the current Iranian calendar year (began on March 21).

The official underlined the significant impact of the bank’s new policies on the country’s currency market and economy, noting that “reforming the country’s banking system is a long-term process which cannot be achieved overnight.”

Hemmati stated that CBI has neither overlooked nor postponed reformation of the banking system and the bank has always had the modification of the banking system on its agenda.

EF/MA