Iran to open offshore bank in Kish Island

Business Materials 20 May 2022 14:59 (UTC +04:00)

TEHRAN, Iran, May 20. The Central Bank of Iran (CBI) has agreed to launch an offshore bank in Kish Island, said the Secretary of the High Council for Iran's Special and Free Zones Saeed Mohammad, Trend reports citing ISNA.

"The Central Bank of Iran has issued permits for establishing the offshore bank to facilitate foreign investments. Iranians outside the country can transfer their money to the bank and invest in free zones," he said.

He pointed out that the Central Bank of Iran will monitor the process; however, the offshore bank will remain a separate entity from the CBI.

He went on to say that a pilot plan for the international stock exchange will be launched on Kish Island in the near future.

According to the official, foreign investors have invested a total of $158 million in Iran's free trade and industrial zones and $15 million in special zones during the last Iranian year (started March 21, 2021).