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35 European banks to visit Tehran

Business Materials 23 April 2017 14:38 (UTC +04:00)

Tehran, Iran, April 23

By Mehdi Sepahvand – Trend:

The representatives of 35 European banks are slated to visit Tehran in the near future, IRNA news agency reported April 23.

The representatives will attend the fourth Iran-EU trade-banking forum, according to Director of Money and Bank Research Institute Ali Divandari.

He said the forum will assess the development of monetary and banking relations between Iran and Europe since the removal of sanctions on Iran in 2016.

Iran was freed from sanctions in January 2016 following the implementation of its landmark nuclear deal with world powers, expecting booming trade with other countries.

However, major world banks still fear establishing ties with Iran and are reluctant to enter the Iranian market. Many major projects in Iran remain without finance for lack of cooperation from international banks.

A set of US primary sanctions are still in place, banning the use of the dollar or American-made products in deals where one side is an Iranian entity.

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