Economy, Business And Markets

Ecuador-Iran Banking Ties

Ecuador-Iran Banking TiesEcuador-Iran Banking Ties

Iran and Ecuador central banks plan to open a joint account to help boost commercial ties between the two countries, Valiollah Seif, Central Bank of Iran’s governor, said in a meeting with an Ecuadorian delegate visiting Iran on Monday. Pointing to Tehran’s interest in increasing trade with the South American state, Seif said a joint account would be the best mechanism for now to achieve that goal, CBI’s website quoted him as saying. José Esteban Melo Jacome, Central Bank of Ecuador’s deputy for services welcomed Seif’s proposal, noting that barter trade would best suit the current state of his country’s economy. Ecuador adopted the US dollar as its national currency in 2000, which has undermined its ability to compete with its neighbors, he said.