Performance of Monetary Policy Under the Interest Free Banking Law in Iran, (1972-2010)
نویسنده: komijani، akbar؛
Fall 2011, Volume 6 - Number 1 (46 صفحه - از 29 تا 74)
The conventional wisdom in economic theory prescribes that the major role of the Central Bank is to design and conduct active monetary policy aiming at curbing inflation and achieving the price stability. After half a century of endeavors in attaining this target, Central Bank of the Islamic Republic of Iran has gone through tumultuous periods gaining mixed results in its efforts. The assessment of the performance of the Central Bank of the Islamic Republic of Iran (CBI) is also important from another aspect which is the experience of Central Bank in implementation of Shariah-based Islamic banking in Iran. The Usury (interest) Free Banking Law of Iran was legislated a few years after the Islamic Revolution of 1979 and opened a new horizon in the banking practices in Iran. Since the main purpose of this study is to evaluate and compare the performance of the central Bank of Iran primarily on inflation rate under the two specific Money and Banking Laws,therefore, we will not deal explicitly with the theoretical aspects of theissue. In another word, we assume that the monetary authority has attempted to conduct the monetary policy on the basis of theoretical foundations to achieve low and stable inflation rate. We conclude that in the review period (1972-2010), except for the 3rd Plan period (1379-1383 (2000-2005)), Central Bank of the Islamic Republic of Iran has not had an acceptable progress in attaining the aims of monetary policy. Also, in this study we will analyze challenges ahead of efficient implementation of monetary policy in Iran.خلاصه ماشینی:
"The objectives of the Law for Usury (Interest) Free Banking, which were approved in 1362 (1983) and declared for implementation in 1363 (1984), are included in the first chapter of this Law as follows: 1) Establishment of a monetary and credit system based on rightness and justice (as delineated by Islamic jurisprudence) for the purpose of regulating the sound circulation of money and credit for the enhancement of health and growth of the national economy; 2) Provision of monetary and credit mechanisms, to engage in activities conducive to the attainment of economic goals, as articulated in Government of the Islamic Republic of Iran's plans and policies; 3) Creation of incentives for the extension of cooperation and Gharz-al-hasaneh facilities among the public through the attraction and absorption of surplus funds, reserves, savings and deposits, and the mobilization thereof and for productive opportunities for creation of employment and investment; 4) Maintenance of currency value and equilibrium in the balance of payments and facilitation of trade transactions; 5) Facilitation of payments and receipts, exchanges, transactions and other services to be performed by the Central Bank, as determined by the Law. 3. Table 4: Selected Economic Indicators During the 3rd Plan (percent) (رجوع شود به تصویر صفحه) In light of the implementation of a set of reforms in the national economy as well as the monetary and exchange sectors, continued increase in oil revenues, establishment of the OSF and accumulation of foreign exchange reserves, revision of goods and services pricing policies, amendment of the laws governing capital market, taxation and foreign direct investment, improvement of government policies and general supervision thereof portrayed a better picture with regard to economic variables."
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