Tag Archives | bank transfers

Banking Problems between Iran & UK being Removed Gradually

Boris Johnson, the UK foreign secretary, has underlined Iran’s importance in the region and also reiterated his country’s support for maintaining the JCPOA, the 2015 nuclear agreement between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany). In a Sunday meeting in Tehran with Head of the Atomic Energy Organization of […]

Intimidated by US, Major Banks Avoid Working with Iran

A member of Iran’s Money and Credit Council attributed major global banks’ reluctance to build banking links with Iran to the US government’s intimidating policies and obstructionism. Conditions are not still set for Iranian banks to make connection with the world’s top banks, Bahman Abdollahi, member of the highest policy-making body in the Central Bank […]

Europe’s Efforts to Facilitate Banking Ties with Iran “Not Sufficient”

Iranian Deputy Foreign Minister for American and European Affairs Majid Takht Ravanchi said European countries have not made enough efforts to persuade their banks work with Iran. Addressing a conference in the French capital of Paris on Tuesday, Takht Ravanchi stressed the need for the European parties to the 2015 nuclear deal, known as the […]

New Int’l e-Wallet and Foreign Investment Capability

By Behnaz Ranjbar from Yekpay. Unveiling a new international e-wallet and Foreign Investment capability in the Iranian Stock Exchange in Kish INVEX 2017 After years of being cut off from global trade, the Iranian companies and businesses, which are steadily getting used to being reintegrated into the world’s economy, are now gradually enjoying the prospects […]

Iranian Banks Slowly Reconnect to the World

By Bijan Khajehpour, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. A recent string of “financing agreements” that various governments and international banks have signed with Iran indicates that Tehran is finding solutions to leave behind the bottlenecks in financing its international projects. The question […]

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 […]