Iran-Syria joint bank to help boost bilateral trade – CBI chief

Business Materials 21 June 2018 11:54 (UTC +04:00)

Tehran, Iran, June 21

By A. Shirazi - Trend:

The governor of the Central Bank of Iran (CBI) said Tehran and Damascus should resume talks and explore the possibility of establishing a joint bank.

“The Central Bank of Iran is keen to send its banking delegations to Syria and pave the way for wider cooperation between the two nations,” Valiollah Seif said on June 20 in a meeting with Syrian Minister of Economy and Foreign Trade Mohammad Samer al-Khalil in Tehran, the Press Office of CBI said in a statement.

Referring to a pre-planned decision by the two countries to establish a joint bank, he said, "Talks about the establishment of the bank should be resumed following the Syrian army’s victories”.

The bank can help both side raise the volume of their trade transactions, he said.

Seif said that Iranian banks are also ready to open branches in the Arab country which can help the two sides reach the desired goals in a way that serves the interests of two countries.

Al-Khalil, for his part, expressed eagerness to develop economic, financial, and banking relations between the two countries.

He further officially invited Seif to visit Syria and hold talks with senior Syrian officials about the enhancing of ties.

On June 20, Al-Khalil also sat down with Iranian Minister of Industries, Mining and Trade Mohammad Shariatmadari and discussed prospects of bilateral economic cooperation and means of expanding it to include various fields.

During the meeting, the two ministers expressed keenness on benefiting from the available potential in the public and private sectors in both countries to enhance cooperation in economic, commercial and investment domains.

Both sides discussed means of developing and activating the free trade agreement in the interest of the two countries, reviving the joint investment of some free zones, setting up joint banks and exchanging the opening of accounts and dealing in local currencies.