Iran, Algeria to form joint bank

Business Materials 28 January 2016 12:32 (UTC +04:00)

Baku, Azerbaijan, Jan. 28

By Fatih Karimov - Trend:

Iran-Algeria joint bank will be formed in near future, Hossein Yaqoubi Miab, the director for the international affairs of the Central Bank of Iran (CBI) said.

The two sides have signed a memorandum of understanding (MoU) on the issue, Yaqoubi said, Iran's ISNA news agency reported.

Based on the agreement signed by Iran and Algeria a joint banking committee has been formed to pursue the process of implementation of the agreement, he said, adding that senior managers from the central banks of Iran and Algeria are the committee members.

Establishing correspondent banking relationships, opening banking accounts between Iran and Algeria, and providing the commercial banks with incentives to establish relations are among the other contents of the deal, Yaqoubi said.

He further said that an Iranian delegation will visit Algeria soon to follow the agreement.

Freed from the yoke of the international sanctions as the nuclear deal implementation started Jan. 16, Iran plans to materialize its plans for forming joint banks with other countries.

Several negotiations have been held in recent months on the issue with various countries including Russia and Venezuela.