Managing director of the Kish Free Zone announced it has submitted to the Money and Credit Council a proposal for establishing two off-shore banks in Kish Island off the Persian Gulf. Ali Asghar Mounesan said given the MCC’s approval, the two lenders may start their activities before the end of the year (mid-March 2016). Several Iranian institutions are working closely with foreign parties to establish off-shore banks in the free zones. The KFZ chief said some foreign banks are negotiating with the CBI to open branches in the southern island. Foreign lenders can trade only in foreign currencies and their interest rates will be set based on CBI foreign exchange regulations.
