14228
Return to Pre-Sanctions Era Takes Time
Economy, Business And Markets

Return to Pre-Sanctions Era Takes Time

A return to pre-sanctions era, when Iranian banks were well connected with international banks, will take at least four to seven months, said a managing director of a privately-owned bank in Tehran.
During past few years banks have been under external, and domestic, pressure due to a nuclear dispute between Iran and the West over Tehran’s nuclear energy program. Sanctions barred Iranian banks from SWIFT and therefore pushed them to get involved in speculative activities to make more profit in the absence of international activities.
The lifting of sanctions will not immediately help the Iranian banking sector out, Seyed Kamal Seyedali, the CEO of Iran Zamin Bank said.
Banks are widely criticized for ignoring rising demand for loans. Seyedali urged bankers to give priority to the private sector, which need loans to shore up their cash flow problems.
With sanctions seeming to be removed in a few months, banks are expected to sign contracts with very low fees and replenish their financial resources through global funds, he said.

 

Short URL : http://goo.gl/awihbw

You can also read ...

European Gov’ts Exploring Financial Channels for Iran
The French, British and German governments have told Iran they...
EU to Protect Firms in Iran Following US Refusal to Grant Waivers
EU countries on Monday gave European firms legal cover to...
$312m Paid in Travel Currency in 3 Months
A total of $312 million were allocated by the Central Bank of...
Biggest Privatization Bid of the Year Set for July 31
Iranian Privatization Organization is scheduled to stage the...
Cuba Rolling  Out Mobile Internet Services
Cuba has started providing Internet on the mobile phones of...
Tehran Hosting International Biology Olympiad
Gifted students from 70 countries across the world have...
Iran, Ghana Sign Capital Market Deal
Capital market authorities from Iran and Ghana signed a...
IMIDRO Outlines Q1 Downstream, Upstream Steel Performance
A total of 11.22 million tons of iron ore concentrate was...

Trending

Googleplus