Economy, Business And Markets

Swiss Open Financial Dialogue With Iran

Swiss Open Financial Dialogue With IranSwiss Open Financial Dialogue With Iran

High-ranking representatives of the State Secretariat for International Financial Matters (SIF) and of the Central Bank of Iran (CBI) met for the first time in Bern on Monday for financial dialogue.

According to a joint press release by SIF and CBI, the two sides exchanged views on developments in the global economy and financial markets, and discussed current national and international regulatory reforms. The exchanges with the Iranian authorities should strengthen financial relations and enable improvement in the framework conditions for financial services between the two countries.

The delegations were led by René Weber, head of the Markets Division at SIF, and Hamid Tehranfar, CBI deputy for supervisory affairs. On the Swiss side, the Swiss National Bank (SNB), the Swiss Financial Market Supervisory Authority (FINMA), the State Secretariat for Economic Affairs (SECO) and the Federal Department of Foreign Affairs (FDFA) were involved in the dialogue, as was the Securities and Exchange Organization of Iran.

The financial dialogue is part of the roadmap to strengthen bilateral relations agreed during the visit of the President of the Swiss Confederation Johann N. Schneider-Ammann to Teheran in February.

Switzerland welcomed the implementation of the nuclear deal between Iran and the six world powers and is in favor of the increased Iranian involvement in the global financial system. Within the scope of financial dialogue, Switzerland supports Iran in implementing international norms related to money laundering and banking regulations. The talks also focused on the challenges regarding the financing the real sector of the economy in Iran.

The Swiss government estimates that exports to Iran, more than $620 million last year, could double or even triple within a decade. That would come to 1% of Swiss exports.

Switzerland and Iran have a long shared history. Swiss watchmakers settled in the Persian Empire in the 17th century and formal trade relations between the two countries began in 1873 with a friendship-and-trade treaty. There are now three formal economic treaties between the two sides.

A delegation of Swiss officials, led by President Schneider-Ammann visited Tehran in February. The two countries released a joint statement, outlining a roadmap to expand cooperation.

The roadmap covered a wide range of areas, including politics, trade and finance, transport, agriculture, tourism, science, research and technology, environment, human rights, migration and consular relations.