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Iran's Military Steps Back From Economy With Six-Way Bank Merger

  • Rouhani wants to reduce military’s links to businesses in Iran
  • Dispute grows over measures to keep Iran off FATF blacklist
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Iran is combining six local banks as President Hassan Rouhani looks to curb the military’s role in the economy and bolster the country’s financial industry.

State-run Bank Sepah will take over five lenders linked with the security forces -- Ansar Bank, Ghavamin Bank, Hekmat Iranian Bank, Mehr Eqtesad and the Kowsar financial credit institution. This is “an important step with a view to maintaining stability and the health of the banking system,” Iran’s central bank said on its website Saturday.