Tag Archives | banking

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 […]