Economy, Business And Markets

Azeri CB Chief Calls on Seif

Azeri CB Chief Calls on SeifAzeri CB Chief Calls on Seif

Top bankers from Iran and the Republic of Azerbaijan have agreed to establish a joint banking and monetary committee to help set the stage for founding a joint bank in the near future.

Governor of the Central Bank of Iran, Valiollah Seif, said that the committee would “enable the two countries to make better decisions,” in their efforts to enhance banking relations, the CBI website quoted him as saying in a meeting with Elman Rustamov, governor of the Central Bank of Azerbaijan, on Monday in Tehran.

“A joint account in the two central banks would also help boost Iran-Azeri trade” Seif said.

The CBI chief also called for expansion of technical cooperation between the two central banks, specifically on supervisory affairs.

Rustamov also welcomed founding a joint banking committee and added that he favors the idea for opening a joint account, “but through the International Bank of Azerbaijan.”

“We are here to enhance banking relations with Iran,” he said, “The next move could be to launch Azeri bank branches in your country.”

The CBA governor will also call on the Economy Minister Ali Tayyebnia to discuss venues to expand bilateral relations.

Bank Melli Iran has a branch in the neighboring country that restarted operations following the lifting of the sanctions in January.   Azerbaijan and Iran have said they intend to increase bilateral non-oil trade to $2 billion.