The governor of the Central Bank of Iran, Mohammadreza Farzin, conferred with Sheikh Bandar bin Mohammed Al Thani, the governor of Qatar's Central Bank on Wednesday.
The two men discussed prospects of enhancing monetary, banking, and financial cooperation to facilitate two –way trade, the CBI website reported.
Farzin noted the need to strengthen bilateral and multilateral banking relations under “the current circumstances” and the economic potential of the two neighbors.
“By developing bilateral monetary and banking relations, trade between the two nations can grow.” To this end, he highlighted the necessity of increasing collaboration at a faster pace and utilizing existing capacities efficiently.
The meeting focused on using financial platforms and institutions to achieve the economic and commercial targets set by the two sides. The two senior bankers emphasized the significance of practical measures in the pursuit of mutually-beneficial economic goals.
Sheikh Bandar highlighted the cooperation between Tehran and Doha in various economic and trade areas. He acknowledged that there are enough opportunities for expanding two-way trade and building monetary and banking relations in the interest of the two peoples.
The meeting signifies the commitment of both nations to strengthen economic cooperation. Talks centered on exploring avenues for collaboration and harnessing the potential in monetary and banking sectors to facilitate seamless trade.
Observers say Farzin's visit is possibly also linked to releasing billions in Iran's forex assets frozen in some countries due to the US economic sanctions.
Last May the CBI and Qatar's ambassador met to explore the ways and means for unlocking the Iranian assets. Tehran has held talks with countries in which the assets are held namely South Korea, Oman, Iraq, China and Japan.
Iran and Qatar have enjoyed cordial ties for decades. The two sides signed several memorandums of understanding during President Ebrahim Raisi's visit to Doha in February.
Bilateral trade in the last Iranian year (March 2021-22) stood at $150 million. Iran exported $140 million worth of goods to the Arab nation, including iron and steel, bitumen, oil, Portland cement, shrimps floorings, food and fruit.
Heavy machinery, excavators, airplane parts, natural rubber and pulp were imported from companies in Doha.
This week’s meeting also marks an important step towards realizing the shared economic objectives. The prospects for increased trade and exchange between the two nations are considerable, and by leveraging their monetary and banking ties, they can achieve optimal results. Both sides acknowledge the role and significance of financial platforms and facilitating institutions to help foster economic growth and promote two-way commercehe.
