Tehran, Iran, May 16
By Mehdi Sepahvand - Trend:
Central Bank of the Republic of Azerbaijan Governor Elman Rustamov met his Iranian counterpart Valiollah Seif in Tehran.
The two sides explored the possible ways to enhance bilateral cooperation in their respective field, Central Bank of Iran Public Relations department told Trend May 16.
During the meeting, Seif reiterated Iran's proposal to launch a joint monetary and banking committee to render closer bilateral cooperation.
He also proposed that Iran and Azerbaijan introduce to each other some of their banks in order to open branches in each country.
"Opening accounts in each other country's central bank and using it for trade transactions with a regular clearing timetable could also be a great help to bilateral trade," Seif also proposed.
Rustamov, for his part, said that establishing an independent bank will be a good idea to boost Iran-Azerbaijan ties, adding the joint committee will investigate the grounds for doing so.
"The main purpose is to expand economic and banking ties, and then in the next step to open branches of Azerbaijani banks in Iran. We also welcome the idea of opening a joint account, but through the International Bank of Azerbaijan," he added.