Iran willing to improve cooperation with German banking system

Iran willing to improve cooperation with German banking system

Tehran, Iran, June 17

By Mehdi Sepahvand - Trend:

President of the Central Bank of Iran Valiollah Seif said his country is willing to hold talks with representatives from the German banking system on boosting mutual ties.

Seif made the remarks in a meeting with a German trade delegation in Tehran, Iran 's official IRNA news agency reported June 17.

He stressed that Iran will continue its policies aimed at stabilizing its market in order to be able to attract more foreign investment.

Despite problems and economic fluctuations in recent years, Iran has always liquidated its transactions with Germany in the least time possible, refraining from actions that mar mutual relations.

He said Iran would be happy to host a German banking delegation to explore the venues of more active cooperation.

Seif also stated that in the past two years, foreign currency fluctuations have lowered by 60 percent and that in the past year, the dollar/rial rate has increased only by 3 percent.

For Iran which experienced around 8 percent GDP contraction during a period between imposing Western sanctions in mid-2012 and reaching an interim nuclear deal in November 2013, it's vital to reach a nuclear deal with world powers to ease biting sanctions, especially with an estimated 1.5 percent economy growth in 2014.

The country's GDP decreased from about $550 billion in 2011 to about $369 billion in 2014. On the other hand, Iran 's rial has dropped in value by more than three times since 2011.

After political developments last year, France was one of the first countries to send a delegation to Tehran, bringing together more than 100 companies in the biggest demonstration of western business interest in Iran for more than a decade. Since then, countries such as Italy, Germany, Austria, Poland, and Portugal have all sent their own delegations.

Edited by CN

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