Iran, Syria to establish joint bank in 3 months

Iran, Syria to establish joint bank in 3 months

Iranian and Syrian officials in a meeting in Tehran on Tuesday agreed to provide the necessary grounds for inaugurating a joint bank within the next three months, Fars news agency reported.

The issue was raised in a meeting between Iranian Economy Minister Seyed Shamseddin Hosseini and Syrian Minister of Economy and Trade Lamia Assi, during which the Iranian minister reiterated that there resides no obstacle to the establishment of the joint bank and "all the necessary preparations have been done".

He also announced that the Iran-Syria High Joint Council for Economic Cooperation has agreed with the establishment of both the bank and a joint investment company by the two countries.

During the meeting, Assi welcomed endorsement of a Memorandum of Understanding (MoU) on free trade between the two countries which is now under study in their legislative bodies, and described it as effective in the further consolidation of the relations between Tehran and Damascus.

Iran and Syria have forged an alliance ever since the victory of the Islamic Revolution in Iran and the two countries' officials exchange visits on a regular basis.

Syrian President Bashar al-Assad was last in Tehran at the head of a high-ranking politico-economic delegation in October 2010.

The two countries enjoy strategic relations in a wide variety of fields.

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