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Iran, Hungary to sign banking co-op deal

Business Materials 24 September 2016 14:33 (UTC +04:00)

Baku, Azerbaijan, Sept. 24

By Fatih Karimov – Trend:

Iran's Tose-e Saderat (Exports Development) Bank will sign a cooperation document with the Hungarian Export-Import Bank (Eximbank) in the near future, Ali Salehabadi, managing director of the Iranian bank, said.

The Hungarian bank has recently expressed readiness to ink a memorandum of understanding with the Iranian bank for mutual cooperation, Salehabadi said, the official website of Iran’s economy ministry reported Sept. 24.

Under the deal, the brokerage ties will be established between the two banks, which will lead to boosting economic relations between Iran and Hungary, he added.

Iran’s Tose-e Saderat (Exports Development) Bank has already established brokerage ties with over 60 European banks, Salehabadi said, adding that the Iranian bank enjoys direct brokerage ties with Germany, Belgium, Denmark and Italy at the moment.

Achievement of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Iran and the P5+1 group (Russia, China, the US, Britain, France and Germany), terminated all nuclear-related sanctions on the Islamic Republic including the restrictions on the banking sector. The agreement took effect on January 16.

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