Iranian industry minister welcomes activity of foreign banks

Iranian industry minister welcomes activity of foreign banks

Baku, Azerbaijan, Mar.2
By Fatih Karimov - Trend: Iranian industry minister Mohammad Reza Nematzadeh says the country should facilitate the activity of foreign banks, the Fars News Agency reported on March 2.

Addressing a conference in Tehran on finance system, Nematzadeh said there is no legal barrier for foreign banks to establish branches in Iran.

It is a very wrong act if we do not let foreign banks to expand activities in Iran, he added.

Iran's President Hassan Rouhani said on Feb.5 that during the current Iranian calendar year, about $8 billion in foreign investments have been attracted and that more $8.5 billion is planned to be absorbed in foreign investment before the end of this year.

(Iran's calendar year starts on March 20.)

The Iranian president went on to say that the attracted funds were invested mostly in power plant and dam buildings as well as steel production plants, mines and metro construction spheres.

Rouhani added that "a new page opened in Iran's economy and we would be witness to economic development in upcoming months due to ruptured, eased and unclenched sanction's chains over Iran".

Iran and six major powers including the U.S., UK, Germany, France, Russia, China reached a nuclear accord in November 24, 2013, which came into force on Jan.20.

According to the accord, the western countries would eased or suspended some restrictive sanctions over Iran's industrial sector when Iran halted some sensitive nuclear activities, including enriching uranium at a 20 percent level. Iran also would be able to access to his $4.2 billion blocked funds in abroad in eight stages.
According to a White House announcement, due to financial sanctions, Iran's inaccessible assets abroad are about $100 billion.

Recently, several foreign economic delegations have traveled to Iran to evaluate cooperation opportunities, including the Turkish and French delegations visits in the last ten days.

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