Balance Sheet Structure of Iran’s Rural Cooperatives Fund to Change: Deputy Minister
TEHRAN (Tasnim) – Iran’s deputy agriculture minister said the balance sheet and financial structures of the country’s Rural Cooperatives Credit Fund will be modified in the near future.
Hossein Shirzad, who is also the chief executive of Iran’s Central Organization for Rural Cooperatives, said, “The truth is we had to adopt new financial policies and strategies and that the Board should be in charge of financial efficiency, quality development of forces and correct location of branches and evaluation of existing branches with new ones to maintain equity”.
“It is necessary to thoroughly review the efficiency and effectiveness of the branches. If the financial performance and productivity of the workforce is positive, the staffing activity will be effective. Avoid customized and inefficient human resources in order to streamline the workforce, and use specialized and competent workforce,” he added.
Shirzad said, "The fund's strategy should be based on attracting the wandering cash in the agricultural sector. Fund to meet the stock market for broader financing, be active in agreed purchases, and participate in micro markets (cumin, barberry, jujube) and enter fundraising procedure. All rural subsidiaries and national unions subsidiaries participate in restructuring the fund's corporate governance structure”.
He said the country should take advantage of the huge capacity of the Rural and Agricultural Cooperatives Network with over five million members to leverage innovation and creativity in the electronic space.
It is essential that the IMF Board of Directors provides the Central Bank of Iran with regular reports on cash flow, financial statements and optimal capital adequacy, and that it continues to cooperate with the Central Bank's oversight system, he concluded.
