Iran's foreign banking ties improve despite Western sanctions: top banker

Xinhua
25 May 2023, 05:30 GMT+10

TEHRAN, May 24 (Xinhua) -- Iran's top banker said Wednesday that Iran has managed to expand relations with foreign banks despite the Western sanctions on its financial and banking sectors, according to official news agency IRNA.

Governor of the Central Bank of Iran (CBI) Mohammad Reza Farzin made the remarks in an address to the 51st Meeting of the Board of Directors of the Asian Clearing Union (ACU) starting in the Iranian capital of Tehran on Wednesday.

Farzin said a number of foreign banks are present in Iran and some countries are establishing joint banks in Iran while more than eight financial institutions owned by Iranian banks are operating in other countries.

In addition, Iranian banks have set up 49 branches in other countries, including Britain, Germany, Russia, Iraq, the United Arab Emirates and France despite intensified Western sanctions over the past 10 years, he added.

Deputy Governor of the CBI for International Affairs Mohsen Karimi said on the sidelines of the meeting that the ACU members will, within one month, replace the SWIFT system with their own exclusive interbank messaging network.

The ACU members are the central banks of Iran, India, Bangladesh, Bhutan, Maldives, Nepal, Pakistan, Sri Lanka, and Myanmar.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Perth Herald.

More Information

17 ℃

Fair in Perth

International Business

Section

In first visit in 3 years, Elon Musk visit's Tesla plants in China

BEIJING, China: On his return to China after a three year absence, which is his company's largest production hub, Tesla ...

Nvidia joins ranks of major US businesses valued at over $1 trillion

SANTA CLARA, California: As investors piled more capital into Nvidia, the chipmaker that has become one of the biggest winners ...

Washington coordinates 14-country supply chain agreement

WASHINGTON D.C.: The U.S. Commerce Department has said that trade ministers from 14 countries have taken part in the US-led ...

Georgian billionaire wins $926 million from Credit Suisse in fraud

ZURICH, Switzerland: In one of the largest legal awards ever against Credit Suisse, the bank was ordered to pay $926 ...

China, South Korea seek to expand cooperation in chip sector

DETROIT, Michigan: Amid broader global concerns over semiconductor chip supplies, sanctions and national security, Chinese commerce minister Wang Wentao said ...

Trouble mounts for Pakistan govt as IMF rejects loan request

Islamabad [Pakistan], June 3 (ANI): A cabinet member on Thursday said Pakistan's request to lower the requirement of securing USD ...

Australia

Section