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:: Volume 9, Issue 2 (Spring 2014) ::
J. Mon. Ec. 2014, 9(2): 23-61 Back to browse issues page
Low Statutory Power of the Central Bank of Islamic Republic of Iran
Zahra Khoshnoud 1, Pierre A. Bultez
1- Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran
Abstract:   (2314 Views)

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.

JEL Classification: E52, E58.

Keywords: Central Bank governance, Independence, Accountability, Transparency, Statutory Power, Monetary policymaking, Regulation, Supervision
Full-Text [PDF 517 kb]   (1092 Downloads)    
Type of Study: Original Research - Empirical | Subject: Monetary Economics
Received: 16 Dec 2014 | Accepted: 22 Oct 2016 | Published: 22 Oct 2016
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Khoshnoud Z, Bultez P A. Low Statutory Power of the Central Bank of Islamic Republic of Iran. J. Mon. Ec.. 2014; 9 (2) :23-61
URL: http://jme.mbri.ac.ir/article-1-106-en.html


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Volume 9, Issue 2 (Spring 2014) Back to browse issues page
Journal of Money and Economy Journal of Money And Economy
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