Tag Archives | banking

Half of Iran’s Banks should Close or Merge

By John Lee. Closures and mergers of Iranian banks will be needed to modernise an industry laden with toxic loans, according to one of the country’s top bankers. Reuters reports that Parviz Aghili [Parviz Aghili-Kermani], chief executive of Middle East Bank, estimated that a full re-organisation of the Iranian banking sector’s roughly $700 billion balance […]

Without Reforms, Iranian Banking Crisis Looms

By Alireza Ramezani for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. In Iran, concerns are growing that banks may be facing the same fate as credit and financial institutions (CFIs), many of which are believed to be on the verge of collapse. CFIs, many of them […]

Rasheed Bank applies to open Branch in Iran

By John Lee. Iraq‘s state-owned Rasheed Bank has applied for permission to set up a branch in Iran. At a meeting on Sunday between Iran’s Minister for Industry, Mining and Trade, Mohammadreza Nematzadeh, and Iraqi Minister for Industry and Minerals, Mohammed Shia ‘Al Sudani, Minsiter Al Sudani said he hoped the application would be approved. […]

Iran, Germany to Broaden Banking Cooperation

By John Lee. Foreign Minister Mohammad-Javad Zarif and German Finance Minister Wolfgang Schäuble have met in Berlin to discuss the expansion of banking cooperation between the countries. Schäuble welcomed banking cooperation between Tehran and Berlin, and said German banks are ready to upgrade cooperation with Iran. (Source: Ministry of Foreign Affairs, IRNA)

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 […]

Expensive Deposits leave Iranian Banks stuck with Toxic Assets

By Alireza Ramezani for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iranian media reports show that many banks and credit institutions are violating a decision made last June by the Money and Credit Council, the highest policymaking body of the Central Bank of Iran, in regard […]

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 considers launching Petchem Bank

Iran is considering establishment of a specialized bank for petrochemical investments and financing, an MP said. Saeid Bastani, a member of the industries and mines committee of the Iranian parliament, spoke about the highlights of the committee’s Tuesday meeting which was held in the presence of Managing Director of National Petrochemical Company (NPC) Marziyeh Shahdaei. […]

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 Banks “Close Accounts” of Iranian Customers

By John Lee. UK-based Blackstone Solicitors is reportedly handling more than 60 complaints by Iranian nationals who have had their bank accounts closed, allegedly because of their nationality. Some banks refuse to explain why they closed the accounts, while others cite sanctions against Iran as the main reason. The head of the firms Iran desk […]

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 […]

Can Iran avoid Looming Banking Crisis?

By Alireza Ramezani for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. In Iran, there are two main approaches to how to avoid a looming banking crisis. The first is to get the Central Bank of Iran (CBI) to implement a major quantitative easing (QE) program — […]

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 […]

Meeting on Closer Banking Ties with Latin America

Iran’s Foreign Ministry officials and representatives of the state-run and private banks held a meeting in Tehran to explore avenues for expansion of banking relations with Latin American nations following the implementation of the JCPOA. The gathering was attended by Iranian Foreign Ministry’s political directors in charge of Latin American affairs, representatives from Iranian banks, […]

Payment App wins FinTech Award

By John Lee. A payment application for foreign tourists has reportedly won Bank Pasargad’s award for best fintech innovation at the First Fintech Festival. ZPay allows visitors to shop in Iran while keeping their money outside the country. (Source: CryptoCoinsNews)

Why do Iranian Banks remain stuck with Toxic Assets?

By Alireza Ramezani for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. On Feb. 26, the Iranian government got the go-ahead from parliament members to sell a total of 10 trillion rials ($308 million) worth of excess properties owned by the ministries of Information and Communications Technology […]

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)

France Plans Loans for Companies Investing in Iran

By John Lee. The French Finance Minister Michel Sapin (pictured) has that France plans to issue direct loans to companies that want to invest in Iran. At a joint press conference in Tehran with his Iranian counterpart, Ali Tayebnia, he said: “We are trying to help these companies … They wil be able to apply […]