Iran, Indonesia discuss expansion of banking ties

Business Materials 29 July 2016 12:17 (UTC +04:00)

Baku, Azerbaijan, July 29

By Khalid Kazimov – Trend:

Iran and Indonesia have discussed ways for expansion of banking ties in the post-sanctions era.

At a meeting between Iranian Deputy Foreign Minister for Asia and Pacific Affairs Ebrahim Rahimpour and Deputy Governor of Bank Indonesia Ronald Waas in Jakarta, the sides called for expansion of cooperation in banking ties, IRNA news agency reported.

In the meantime, Rahimpour had a meeting with his Indonesian counterpart Desra Percaya to discuss expansion of ties.

The volume of trade turnover between Iran and Indonesia in 2011 stood at $2 billion which later slipped to one tenth due to the western imposed sanctions on the Islamic Republic.

Now, with the removal of international sanctions the sides plan to increase the figure to the level of pre-sanctions period.

The Joint Comprehensive Plan of Action (JCPOA), commonly known as the nuclear deal, was reached between Tehran and the world’s major powers on July 14, 2015.

As a result of the implementation of the JCPOA, some parts of international sanctions on the Islamic Republic were lifted.

However, the country’s banking system is still facing considerable difficulties in re-establishing ties with major international banks.