BBC reports Iranian banks unprepared for world after sanctions

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The BBC has posted a report on the readiness of Iranian banks to deal with developments after sanctions are lifted, which could be before the end of the year.

Bankers say key issues include:

  • lack of access to SWIFT, though this could restored immediately after sanctions
  • high levels of non-performing loans
  • high real interest rates
  • high inflation
  • the dual exchange rate system, though this could end by the middle of 2015.
  • lack of skills in the banking industry
  • inadequate regulation.

The biggest challenge will be unexpected trends in the Iranian economy which is likely to be the fastest-growing in the world next year.