The governor of the Central Bank of Iran Mohammad Reza Farzin held talks on Tuesday with Sheikh Mansour bin Zayed Al Nahyan, the deputy PM and minister of the presidential court in Abu Dhabi on banking and financial relations between the two countries.
According to a press release on the CBI website, the two sides reviewed ways to boost bilateral relations, especially in monetary and banking areas.
Suhail bin Mohammed Al Mazrouei, the minister of energy and infrastructure, and Khaled Mohamed Balama, governor of the Central Bank of the UAE attended.
The recently appointed Farzin headed a delegation of senior officials including CEOs of Bank Saderat, Bank Sepah, Parsian Bank and officials from Bank Melli. Bank Saderat Iran and Bank Melli, the two state lenders, have branches in the UAE.
Developing economic, monetary, and banking relations with the Persian Gulf neighbors is on the CBI agenda.
The UAE and Iran have had close trade ties over the years. Jebel Ali Port played an active role in two-way trade largely in the form of re-exports.
The UAE was the top exporter of non-oil goods to Iran during the first three quarters of Iranian year (March-December 2022) with 9.46 million tons worth $12.9 billion.
The UAE’s average trade with Iran since fiscal 2010-11 stands at $16 billion. From fiscal 2010-11 to 2018-19 it was $13 billion.
Average annual trade in the same period was $13 billion with China, $5.5 billion South Korea, $5.5 billion Turkey and $5 billion with Iraq.
Farzin held talks in Qatar last week in the framework of plans to promote banking ties with the Arab states. He called on the Qatar Central Bank chief Sheikh Bandar Bin Mohammed Bin Saoud Al-Thani in Doha. The two sides explored banking and financial ties and ways to build interaction.
Observers said Farzin's tour is likely aimed at releasing Iran's assets held in many countries due to the US sanctions and could be used for stabilizing the chaotic currency market.
Currency rates have scaled to historic highs in Iran over the past several weeks following unrest in the country.
