Low Statutory Power of the Central Bank of Islamic Republic of Iran

Zahra Khoshnoud () and Pierre A. Bultez ()
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Zahra Khoshnoud : Monetary and Banking Research Institute (MBRI), Central Bank of the Islamic Republic of Iran

Journal of Money and Economy, 2014, vol. 9, issue 2, 23-61

Abstract: Once the responsibilities of central bank increases, developing good governance for achieving its different aims to satisfy the required statutory power becomes more complicated. In the case of the central bank of Islamic republic of Iran - as monetary policymaker and supervisor-this issue is valid as well. Considering the necessity of independency, accountability, and transparency for developing good governance to achieve required statutory power, current laws on the central bank and banking, and the bills on these laws have been evaluated. Since these bills have not been developed based on the importance of the main pillars of central bank governance regarding its core functions and the current laws do not support these pillars as well, we cannot expect that the central bank attains required statutory power. Hence, these bills should be modified to consider these pillars and enhance the level of central bank's governance and its statutory power.

Keywords: Central Bank governance; Independence; Accountability; Transparency; Statutory Power; Monetary policymaking; Regulation; Supervision (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2014
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