Iran eyes to expand co-op with Austria in trade and banking

Finance Materials 14 May 2019 18:01 (UTC +04:00)

Baku, Azerbaijan, May 13

By Elnur Baghishov – Trend:

Iran eyes to expand the cooperation with Austria in the field of trade and banking, Director General of the Central Bank of Iran Abdulnasir Himmati said, Trend reports referring to the Central Bank's website.

He made the remarks at the meeting with Austrian ambassador to Iran Stefan Scholz.

The Iranian and Austrian banks cooperate successfully, Himmati added. In his words, Austria appreciates INSTEX financial mechanism. he said that there are no obstacles to launching this financial mechanism.

During the meeting, Scholz urged the Director General of the Central Bank to pay special attention to the currency transactions of Lufthansa and Austrian Airlines. In his turn, Himmati made a decision to rapidly solve the currency transactionsissues of these two airlines.

The Joint Comprehensive Plan of Action (JCPOA) between Iran and P5 + 1 (US, Russia, China, UK, France and Germany) was implemented in January 2016. In May 2018, the US announced about its withdrawal from JCPOA and imposed sanctions on Iran in November.

European members of the JCPOA, namely, UK, France and Germany, have created a financial mechanism called INSTEX in late January 2019 to protect this agreement with Iran.