Iran Still Has Banking Problems in Trade with China

Head of the Trade Promotion Organization of Iran (TPO), Valiollah Afkhami Rad, said banking problems are still hampering the progress of economic relations between the Islamic Republic and its biggest trade partner, China.

“Correspondent banking relations should be established to develop trade between the two countries,” Afkhami Rad said in a speech in Tehran on Tuesday.

He further emphasized that Iranian businessmen and economic activists still cannot open letters of credit (LC) to cooperate with Chinese firms.

Afkhami Rad, who is also deputy minister of industry, mines, and trade, went on to say that the banking problems in the way of boosting Iran-China cooperation should be resolved as soon as possible.

(Source: Tasnim, under Creative Commons licence)

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