OTHER NEWS - June 16, 1994

Iran to Allow Private Banks: For the first time since the 1979 Islamic Revolution, the nation has decided to let private banks open, the Financial Times reported. Speaking on Tehran radio, central bank Gov. Mohammed Hussein said the bank will supervise private banks when they begin operating next week, guaranteeing their activities. Regulations for private banks were reportedly declared within constitutional and religious laws. Separately last week, Iranian President Ali Akbar Rafsanjani said the country will repay its $17-billion foreign debt by 2000.