Tag Archives | banking

Iran “ready to establish Joint Bank with Iraq”

By John Lee. Iran’s private banks have reportedly laid the groundwork for setting up a joint bank with their counterparts in Iraq. Yahya Al-e Es’haq [Yahya Ale-Ishaq] (pictured), head of Iran-Iraq Chamber of Commerce, is quoted as saying that the bank would operate under the regulations of central banks of the two countries to facilitate […]

Iran to Work with Italy’s Bankrupt Banks Using Euros

Italy’s banking system authorities have agreed to let a number of the country’s bankrupt banks and the second and third-class banks to work with Iran using euro instead of dollar to skirt US sanctions, an Iranian official said. In an interview with Tasnim, chairman of Iran-Italy joint chamber of commerce, Ahmad Poorfallah, said Italy has […]

Iranian, Turkish Banks to use National Currencies in Trade

Iran’s Deputy Minister of Industry, Mine and Trade Sadeq Najafi announced that the two countries have reached an agreement on the exchange of Turkish lira with Iranian rial in banking transactions. Speaking to reporters on the sidelines of the 24th round of Electronic, Computer and E-Commerce Exhibition (Elecomp 2018) in Tehran on Monday, Najafi said […]

Japanese Banks to Stop Iranian Transactions

Japanese Banks MUFG, Mizuho to Stop Iranian Transactions Japanese banks are moving to stop handling all Iran-related transactions to meet a November deadline set by the United States, after President Donald Trump in May pulled out of a nuclear program agreement with Tehran. Japan’s biggest bank, Mitsubishi UFJ Financial Group Inc (MUFG), will halt all […]

Europe Seeking to Activate Accounts for Central Bank

Europe Seeking to Activate Accounts for Iranian Central Bank: Report The French, British and German governments have told Iran they are exploring activating accounts for the Iranian central bank with their national central banks in a bid to open a financial channel to keep alive the Iranian nuclear deal, a report said. The move is […]

China Eyes Iran Trade in Own Currencies

China’s President Xi Jinping in a meeting with his Iranian counterpart offered plans for trade exchange between the two countries using their own currencies, namely rial and yuan. In a meeting with Iranian President Hassan Rouhani, held on the sidelines of the Shanghai Cooperation Organization summit in the city of Qingdao on Sunday, the Chinese […]

Iraqi Depositors ‘Trapped’ In Iranian Banking System

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. By Abbas Sarhan. The Iranian banking system was seen as an attractive alternative to Iraq’s shaky financial institutions. But a recent, drastic devaluation in the Iranian rial means Iraqi […]

German Credit Unions Stand by Iran

Six credit unions in southern Germany are still processing payments to Iran despite Washington’s withdrawal from the 2015 nuclear deal between Tehran and world powers and its impending new sanctions on Iran, a report said. While Germany’s big banks are avoiding Iran-related deals for fear of US reprisals, six credit unions, or Volksbanken, from southern […]

Swiss Bank starts Wind-Down of Iran Business

By John Lee. Swiss-based Banque de Commerce et de Placements (BCP) has reportedly stopped all new transactions with Iran, following the US pullout from the nuclear deal. Reuters reports that the bank has started a ‘wind down period‘ within the framework of OFAC announcement. (Source: Jerusalem Post)

EU, Iran Working on Details of Direct Money Transfers

The European Union’s energy commissioner said he has submitted the EU proposal for direct transfers of money to Iran’s central bank, adding that the two sides are discussing the plan in details. Speaking to reporters after a meeting with Iran’s energy minister in Tehran on Saturday, Miguel Arias Canete highlighted the EU’s efforts to boost […]

Will Iran’s Banking Sector Collapse?

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. Iranian and international experts have opined for some time that Iran’s banking sector is at risk of a financial collapse due to toxic assets. It is no secret that over the past decade all Iranian […]

Iranian Banking Reforms Gain Steam after Long Delay

By Maziar Motamedi, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The arduous path to independence in monetary decision-making from the government that many central banks have gone through remains the road not taken for Iran. But the new Iranian year, which began March 21, holds […]

Iranian Bank Cards to Be Activated in Russia, Turkey

Iranian Minister of Industry, Mine and Trade Mohammad Shariatmadari said Iran and Russia have agreed to link their bank card systems in a bid to boost the trade ties between the two countries. Addressing the opening ceremony of the 12th session of Iran-Uzbekistan Joint Economic Commission in Tehran on Monday, Shariatmadari said the establishment of […]

France to Finance Exports to Iran, Sidestepping Sanctions

France will start offering euro-denominated credits to Iranian buyers of its goods later this year, a move to bolster trade while keeping it outside the reach of US sanctions, the head of state-owned investment bank Bpifrance said. “We put a lot of preparation into this in 2017 and we keep on working, every single day, […]

Iran Eyes Closer Banking Ties with Iraq

Iran’s president called for stronger banking relations with Iraq to allow for a growth in the bilateral trade and economic cooperation. In a meeting with Iraq’s parliament speaker in Tehran on Tuesday, President Hassan Rouhani said expansion of economic and trade ties between the two neighbors hinges on enhanced baking relations. The central banks of […]

IMF sees 4.2% Growth, Urges Financial Sector Reform

IMF Staff Completes 2017 Article IV Mission to Islamic Republic of Iran Real GDP growth is forecast to reach 4.2 percent in 2017/18. Iran is urged to advance financial sector reform. The IMF welcomes the reform of the universal cash transfer system to target income support to the poor in the proposed 2018/19 budget. An […]

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 […]