Iran eases restrictions on foreign bank branch opening

Business Materials 2 June 2018 13:08 (UTC +04:00)

Tehran, Iran, June 2

By Kamyar Eghbalnejad - Trend:

Iran's government has eased restrictions for foreign banks to launch branches in the country’s free zones, an official said.

Previously, foreign banks had to bring in €150 million in order to be able to receive a license and open a branch in the country's free trade zones, Morteza Bank, the secretary of Iran's Free Zones High Council, told ISNA on June 2.

"The governor of the Central Bank of Iran gave us assurances that the amount could be adjusted," he added, noting, “The 150-million-euro ceiling has been removed”.

“The governor of the Central Bank assured us that if there was a willingness from foreign banks to establish a presence in the country’s free zones, the [Central] Bank could help them and that the money should not be a cause of concern,” Morteza Bank said.

This comes after US President Donald Trump announced on May 8 that Washington was walking away from the nuclear agreement, which was reached between Iran and the five permanent members of the UN Security Council - the US, Britain, France, Russia and China - plus Germany.

Trump also said he would reinstate US nuclear sanctions on Iran and impose "the highest level" of economic bans on the Islamic Republic.