UAE simplifies banking transactions management with Iran
Azerbaijan, Baku, July 10 /Trend A.Taghiyeva/
The UAE Central Bank has adopted a decision on Tuesday authorizing the banks to ease the country's banking and financial transactions with Iranian banking institutions and individuals, Al Arabiya TV channel said on Tuesday.
Thus, all inter-bank transactions between Iran and the UAE will be facilitated and private individuals, citizens of Iran will be given some concessions on the issue of money transfer and opening of accounts.
It is stated that the decision of the Central Bank applies only to the Iranian banks and individuals that are not covered by Western sanctions.
The adoption of this decision came after yesterday's visit of Iranian Foreign Minister Ali Akbar Salehi to the UAE.
Earlier, the UAE banned a number of banks to cooperate with Iran, because of which banks in the country suffered great damage. Then the ban was partially lifted.
In late 2011, a number of countries, including the U.S., Canada, UK and other EU countries introduced a ban on any transactions with Iranian banks, including the Central Bank.
U.S. and other Western countries accuse Iran of developing nuclear weapons under the guise of peaceful nuclear program. Tehran denies the charges, saying its nuclear program is aimed at meeting the country's electricity needs.