Turkmenistan reportedly cuts banking ties with Iran

Business Materials 6 February 2018 16:11

Baku, Azerbaijan, Feb. 6

By Khalid Kazimov – Trend:

Turkmen banks have recently announced that they do not recognize Iranian banks as official partners, a member of Federation of Iranian Food Associations said.

Ali Shariati has said that Turkmen banks claim that they are not authorized to have ties with Iranian banks due to Iran’s failure to adopt anti-money laundry regulations, ILNA news agency reported.

The move appears to be politically motivated as the two countries used to have proper banking ties, he added.

Saying that Turkmenistan has always been among the top importers of Iranian goods, he added that the government of the neighboring country seeks to use its national currency in foreign trade.

Over the first nine months of the current fiscal year (starting March 20) Turkmenistan was the 13th top importer of Iranian products with a total value of $332 million.

Iran’s exports to Turkmenistan in the mentioned period fell by 17 percent in value terms and 34 percent in volume terms compared to the same time of last year.