Minister: 20 foreign banks want to do business in Iran

Iran Materials 10 January 2012 17:11 (UTC +04:00)

Azerbaijan, Baku, Jan. 10 /Trend M. Moezzi/

Twenty foreign banks have requested permission to invest in Iran and five of these candidates are being reviewed, the Islamic Students' News Agency (ISNA) reported a deputy economic minister Behrouz Alishiri saying.

Alishiri added that the foreign banks asked to open branches and local offices in Iran.

"Any foreign bank or financial institution must first obtain a permit from the Central Bank of Iran (CBI)," he added.

The minister said foreign investments in Iran totalled $3 billion in 2009/2010 and $4 billion in 2010/2011.

When asked if investments would continue despite new sanctions against Iran, Alishiri said investments ranging from $3 to $4 billion are expected for this year (the Iranian solar year ends in March).