• time : 10:20:22
  • Date : Tue Jun 16, 2020
  • news code : 194781
The role of banks in production leap is unique
Speaking at a meeting with CEOs and board members of banks, the Minister of Economic Affairs and Finance stressed that granting facilities to the manufacturing sector should be a priority for the banking system, given the Supreme Leader's emphasis on achieving a leap in production.

(SHADA: TEHRAN) -- Our plan to finance large-scale enterprises by the capital market still exists, but the truth is that in the current situation, the role of the banking system is undeniable in this field, Farhad Dejpasand stated.

What needs to be done in this situation is to help increase production and improve employment. Increasing the capacity utilization creates demand for new jobs, so efforts should be made to provide working capital for existing enterprises. In fact, the great thing that banks have to do is to fund the country's economy, the Minister of Economy added.

We should consider serving those who work in the field of investment and production as a kind of worship. Because the more investment and production, the faster the problems will be solved, he noted.

Emphasizing the seriousness of the government's determination to control and reduce inflation, the Minister of Economy considered the role of the banking system in achieving this goal very important and said: Our intention is not to control inflation by creating a recession, but to reduce inflation by increasing the supply. Therefore, it is expected that the banking system will play a role in increasing the exploitation rate of the country's production capacities and promoting production by helping to increase the working capital of enterprises as well as providing fixed capital.

Especially in the current situation, this issue should be the concern of bank managers and should not be neglected, he added.

In another part of his speech, the Minister of Economy emphasized the need to move towards smart banking and stated that this type of banking is not just digitalizing processes: Implementing digital banking has a very significant impact on reducing the cost of banking operations, so the banking system must accelerate the realization of digital banking as a prelude to smart banking.

According to studies, the cost of transactions in the banking system with mobile applications is 43 times less than conventional banking. It is worth noting that this cost is 13 times less than landline banking and 12 times less than ATMs, he stated.

The banking system should use the capacities of universities and scientific and research centers in the country, especially knowledge-based companies, the experiences of the private sector, professors and experts, to further develop digital banking services and move towards smart banking, Dejpasand said.

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