Tag Archives | bank transfers

FATF’s Decision Guarantees Banking Ties with Iran

Iran’s ambassador to Britain said a recent decision by the Financial Action Task Force (FATF), the policy-making body of the international financial system, to continue the suspension of anti-Iran sanctions would guarantee the country’s banking ties with foreign countries. In a post on social media, Hamid Baeedinejad pointed to the FATF’s meeting in Spain on […]

Iran Proposes Visa-Free Regime with Iraq, Trade in Own Currencies

Iran’s first vice-president put forward a proposal to lift visa requirements for the Iranian and Iraqi travelers, and also called for trade exchanges between the two countries using their own currencies, namely rial and dinar. Addressing a meeting of high-ranking delegations from Iran and Iraq, attended by the visiting Iraqi Prime Minister Haider al-Abadi and […]

Iran, Portugal Discuss Banking Ties

Ranking diplomats from Iran and Portugal in a meeting in Tehran explored avenues for boosting bilateral trade by removing obstacles to the banking ties. “The Islamic Republic of Iran tries to eliminate the banking barriers and enhance economic and monetary relations with the European countries, including Portugal,” Iran’s Foreign Minister Mohammad Javad Zarif said in […]

UK Considers $600bn Opportunities in Iran

By John Lee. The Telegraph reports that British firms are “cautiously eying” opportunities in Iran, ahead of an expected $600-billion boom in trade and infrastructure investment by 2027. Amanda Clack, head of Infrastructure and consultancy EY, is quoted as saying: “Is there an opportunity here for UK business? Of course there is … Deliverability is […]

Iran, Pakistan Sign Banking Agreement to Facilitate Trade

The Central Bank of Iran (CBI) and the State Bank of Pakistan (SBP) signed a Banking and Payment Arrangement (BPA) to streamline trade transactions between the two nations. “The objective of this BPA is to provide a trade settlement mechanism to promote trade between Pakistan and Iran,” SBP said in a statement on Friday, DAWN […]

France Removes Restrictions on Bank Saderat

By John Lee. IRNA reports that the French Central Bank has lifted restrictions on Iran’s Bank Saderat branch in Paris, paving the way for normal banking transactions in the branch. The EU had previously announced the exclusion of Bank Saderat from its list of sanctions. (Source: IRNA)

India Seeking New Payment Mechanism for Iran Trade

India is exploring setting up a new payments mechanism for trade with Iran, as state banks remain fearful of handling payments from Tehran in case the United States imposes a fresh financial embargo. Under previous Western sanctions, India had devised a barter-like scheme acceptable to Washington that allowed it to make some oil payments to […]

Bank of England “Reluctant” to Facilitate Iran-UK Trade

By John Lee. Reuters quotes informed sources as saying that the Bank of England (BoE) had recently turned down a request by Tehran to set up special clearing accounts for its banks. Such accounts, for Iran’s own Central Bank or for the British subsidiaries of Iranian banks, would allow them to make and receive payments […]

Banking Problems stall Linde Iran Contracts

By John Lee. Reuters reports that German industrial gases group Linde has revived plant-engineering contracts in Iran, but is unable to act on them until it can transfer money out of the country. It quotes CEO Aldo Belloni as saying that the contracts date from “years ago“, before sanctions were imposed. (Source: Reuters)

Iran, Malaysia Agree to Trade in Yen, Yuan

Iran and Malaysia have agreed to use Japanese yen and Chinese yuan in their bilateral trade, a senior Iranian banking official said. We welcome the eagerness of Malaysian banks to open accounts in Iranian commercial banks in the South Asian country’s currency, Ringgit, Deputy Governor of the Central Bank of Iran (CBI) for Currency Affairs […]

Iran, Turkey sign MoU on Banking Coop

By John Lee. Iran and Turkey set up a joint committee on banking to help achieve trade of $30 billion by the end of 2017. The Central Bank of Iran (CBI) said the first meeting of the committee was held on Wednesday in Tehran. The two delegations discussed ways to remove obstacles to improved banking […]

UK Banks rebuff Govt push to Boost Iran Trade

By John Lee. According to a report from Reuters, the Royal Bank of Scotland (RBS) has rebuffed efforts by the British government, a major shareholder, to coax the lender into facilitating trade with Iran. Following the lifting of sanctions, and in anticipation of the UK leaving the European Union (EU), British officials have sought to […]

Danske Bank “in Talks” with CBI

By John Lee. Denmark’s Danske Bank has confirmed that it is in talks with the Central Bank of Iran (CBI) regarding arranging credit to clients with business activities in the country, but that no deal has yet been reached. A spokesperson for the bank also told Reuters that it is already supporting clients in Iran […]

UK Working to Expand Trade Ties with Tehran

British Trade Secretary Liam Fox said London is seeking to address concerns of its banking sector about ties with Iran in an attempt to boost business ties with the Islamic Republic following the removal of anti-Tehran sanctions. “Slowly but with increasing enthusiasm, British companies are starting to do business with Iran again … We are […]

IMF to strengthen Banking Ties with Iran

By John Lee. The President of the International Monetary Fund (IMF), Christine Lagarde, has reportedly promised to launch consultations with US authorities to remove barriers on cooperation between international and Iranian banks. Meeting with Iran’s Economy Minister Ali Tayebnia on the sidelines of the annual World Bank summit in Washington, she pointed to the persistence […]

Resolution of Banking Problems “Key to Expansion”

The chairman of the Iran-Germany Joint Chamber of Commerce highlighted the banking problems hampering the Islamic Republic’s foreign trade, saying that their resolution is key to expansion of relations between the two countries. “With the removal of banking problems, Iranian and German companies can have useful talks with each other and develop their ties,” Gholam […]

US to Address Iran Banking Concerns

Iranian Foreign Minister Mohammad Javad Zarif said Washington has pledged to allay the concerns of European banks about trading with Iran following the removal of anti-Tehran sanctions. US Secretary of State John Kerry has given assurances that Washington will not punish the European banks engaged with Iran’s financial entities, Zarif told Japan’s Kyodo news agency […]

Iran, Netherlands Discuss Facilitation of Trade, Banking Ties

Iran’s ambassador to the Netherlands and president of the European country’s central bank in a meeting in The Hague explored avenues to facilitate trade and financial transactions between the two counties. The Iranian diplomat, Alireza Jahangiri, and President of De Nederlandsche Bank (DNB) Klaas Knot in the meeting discussed ways to boost banking interactions between […]

Iran to discuss Banking Obstacles at UN

Iran’s Deputy Minister of Roads and Urban Development Asghar Fakhrieh Kashan said issues related to removal of banking obstacles to the revival of trade in the country under the JCPOA will be discussed on the sidelines of United Nations meetings in New York this week. “We are negotiating and I hope that during the trip […]

Govt. Spokesman: No Oil Co. Subject to Banking Sanctions

Government spokesman Mohammad-Baqer Nobakht says no oil contractor and company in Iran is subject to sanctions by Iranian banks presently. Addressing a press conference, Nobakht said Iran does not recognize unjust sanctions. Nobakht said government of Iran does not recognize any of the sanctions issued by the ill-wishers against Iranian nation. “If a real or […]