Kish Island authorities have announced a decision to establish the first cross-border bank on the island, according to the economic and investment deputy of Kish Free Zone Organization (KFZO). Ali Jirofti said the decision was made in the first international exhibition held on October 21-24 on Kish Island focusing on bourse, bank, Insurance, capital market and privatization. Once the bank starts operation, domestic and international investors will be able to handle foreign exchange transactions through all branch offices of the bank across the country. Other cross-border banks are scheduled to be established in free and economic trade zones once they get the approval of the Monetary and Credit Council.
