Tag Archives | banking

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 […]

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 […]

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 […]