Baku, Azerbaijan, Oct. 12
By Fatih Karimov - Trend: Iran's Central Bank Governor Valiollah Seif held talks with his counterparts from Germany, France, India, and Turkey on ways to facilitate banking ties after lifting of sanctions against the Islamic Republic.
The meetings were held on the sidelines of the 2015 Annual Meetings of the World Bank and IMF in Lima, Peru, Tasnim news agency reported Oct. 12.
During the meetings, issues such as laying the ground for improving banking relations after lifting of the sanctions, reopening the frozen accounts, opening new accounts, dispatching delegations, and fighting money laundering were agreed upon.
SWIFT, or Society for Worldwide Interbank Financial Telecommunication, which facilitates the bulk of global cross-border payments, disconnected designated Iranian financial firms from its messaging system in 2012 due to sanctions on the country's nuclear program.
The Joint Comprehensive Plan of Action hit on July 14 by Iran and six world powers, including the United States, imposes strict limits on Iran's nuclear program in exchange for relief from sanctions. Iran is counting on an end to sanctions to boost its battered economy, particularly oil and gas sector that has shriveled under Western sanctions. Oil and financial sanctions on Iran will probably be lifted within the first three months of 2016.
Edited by CN