Economy, Business And Markets

9 Foreign Banks to Open A/Cs

9 Foreign Banks to Open A/Cs9 Foreign Banks to Open A/Cs

The banking sector will open accounts for nine foreign banks after the lifting of the sanctions, while about 20 others are ready for cooperation in the post sanctions era, said Bank Parsian's deputy for international affairs on Thursday.

"Banks are looking forward to resuming relations with their foreign peers after sanctions are removed, based on mutual fulfillment of commitments," ISNA quoted Mansour Tafazzoli as saying.

"We are willing to revive overseas banking relations,” he said.

Iranian banks are likely to be reconnected next week to the SWIFT financial transaction system of which they were deprived as a result of the international economic sanctions.

Majid Takht Ravanchi, deputy foreign minister, earlier this week said from implementation day onwards all financial transaction between Iranian and European banks and their citizens will be lawful.

The agreement also vindicates correspondent banking relations, allowing foreign banks to open branches in Iran and providing insurance and reinsurance to Iran.

Valiollah Seif, governor of the Central Bank of Iran, on Tuesday said the bulk of Iran’s frozen foreign assets worth $30 billion will be released soon after the nuclear accord with the six world powers takes effect possibly by the weekend.