Iranian banks open €480M LCs in 50 post-sanctions days
Tehran, Iran, March 14
By Mehdi Sepahvand - Trend:
Iranian banks have opened worth €480 million letters of credit in 50 days following the removal of economic sanctions on Iran.
€108 million of the amount was opened by Bank of Industry and Mine and the rest by other banks, Mehr news agency reported March 14.
The German-based Europaisch-Iranische Handelsbank AG, with over 40 years of banking activity officially welcomed the lift of sanctions back in January and relaunched transactions with Iranian sides.
According to the Central Bank of Iran, the country's banks are now connected to SWIFT.
SWIFT service was denied to Iranian banks under the sanctions, which were lifted following the enactment of Iran's comprehensive deal with world powers on January 16.