Money transfer costs in Iran to fall after lift of sanctions
Baku, Azerbaijan, Sept. 13
By Fatih Karimov - Trend:
Money transfer costs in Iran will fall by over 10 percent after the sanctions against the country are lifted.
Gholam Ali Kamyab, deputy governor of the Central Bank of Iran, said with regard to restrictions on banking transactions due to the sanctions, money transfer costs are different considering the destination countries, Iran's Mehr news agency reported on September 13.
In some cases, the surcharge is more than 10 percent, he noted.
"Once the sanctions are removed, bills of exchange and bank drafts can be used. So, any surplus cost will be dropped from banking transactions, " he said.
Moody's rating agency says the removal of sanctions against Iran will be "credit positive" for Iranian banks and will eventually lead to a significant growth in Iran's banking sector.
Moody's has further said in the report that wider banking business activities in Iran - after the removal of sanctions - will create new regional business opportunities relating to trade finance, letters of credit and new investments and infrastructure projects.
Nevertheless, it has emphasized that Iran will still need to strengthen the capital levels of its banks and implement structural reforms to facilitate the growth of its banking sector in a post-sanctions era.