Baku, Azerbaijan, Aug. 3
By Fatih Karimov - Trend: Iran plans to lift restriction on establishing foreign banks, said Iranian Central Bank governor Valiollah Seif.
The Central bank has also plans to remove problems for opening letters of credit, Iran's IRNA news agency quoted Seif as saying August 3.
"We have no limitation for establishing foreign banks in free zones. But just establishing branches is allowed on the mainland," he noted.
"Based on law, foreign investors can hold 40 percent of shares in an independent bank. Of course, foreign investors prefer to have Iranian partners to be able to expand banking activities."
Iran's Industry Minister Mohammad Reza Nematzadeh said in July that Iran expects to rejoin the international electronic payment system SWIFT three months after sanctions imposed on it are lifted and it will also become easier for foreign firms to take part in privatizations in Iran.
His remarks suggested Iran's long isolated but high-potential, energy-based economy will be open for investment once sanctions are removed as a result of its July 14 deal with world powers placing limits on its disputed nuclear program.
Iran was barred from SWIFT, crippling its ability to make international bank transfers crucial to foreign trade, due to Western sanctions.
Edited by CN