Iran payment facts
Connect to global payment systems
Electronic banking was very early in Iran, with international sanctions imposed on Iran. The country’s banking system was at the forefront of those who suffered from this situation. In fact, with the imposition of sanctions on Iran, the funds from the sale of oil lost their ability to transfer, and the central bank was unable to collect its assets. Thus, a compulsory savings were imposed on the country. Against the pressures, ebanking has grown in the country. And actually the peak of the expansion of electronic payment services in Iran was during the sanctions period.
Among the economic indicators, Gross Domestic Product (GDP) is the most important indicator of economic performance. GDP Includes all that is produced by all people and companies located in a country. From GDP reports, you can see what sectors of the economy are growing and what sectors are falling. GDP also differs from Gross National Product (GNP). GNP is comprised of all goods and services produced by citizens of a country all over the world. While gross domestic product is the value of all goods and services produced within the country. According to the United Nations, Iran is ranked 29th in GDP. Iran is the 17th largest economy, fourth largest oil producer, and the tenth largest in the tourism industry around the world.
Banking in Iran
The bank is among the high-potential industries in Iran, with less cross-sectional news and market rumors affecting it. Also, banks in Iran have very little impact on global market fluctuations and price changes. This has add to their investment prosperity.
Ownership of some banks in Iran is public and some private. Some foreign banks also have branch offices in Iran.
The supervision of the banking system in Iran is the responsibility of the Central Bank of the Islamic Republic of Iran.
Banks' capital in Iran is mostly invested in services and commerce. Which is why more profits in these segment than in the manufacturing segment.