Iranian official: Country's private banks ready to enter Azerbaijani banking market
Azerbaijan, Baku, June 25 / Trend T.Jafarov /
Development of the Azerbaijani-Iranian banking relations is of great importance to bring the trade turnover between the countries to $ 10 billion, Iranian Deputy Economy and Finance Minister for Banking and Insurance Issues Asghar Abolhasani Hastiani said. The current trade turnover between the countries is about $ 500 million
"Establishment of a new bank and development of relations in the banking system itself is an economic activity," Hastiani said. "Development of relations in the banking system can simplify the task of increasing the trade turnover between the two countries."
He said previously Azerbaijan and Iran had realtions in the banking sector.
"We are interested in even more development of these relations in the banking sector, as well as in insurance," Hastiani said. "It is impossible to achieve any success without the insurance business in the current economic activity."
Hastiani believes Iran pays special attention to developing relations with Azerbaijan among the countries in the region.
The Baku branch of Bank Melli Iran has been operating in the country for about 20 years. The bank plans to expand its activities here. The Azerbaijani-Iranian relations in the banking sector are not confined to one bank.
"Iran is interested in that the private banks have developed their activities in Azerbaijan," Hastiani said.
The Iranian private banks will began to operate in Azerbaijan in accordance with the requirements of the Azerbaijani side as a part of the process of developing the Azerbaijan-Iran relations in the banking sector. He said the talks on this direction are underway.
"We are ready to implement all necessary measures in this direction," Hastiani said.
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