Bank of Industry and Mine has opened letters of credit for industrial units since the lifting of the sanctions in January with their total value amounting to $11 million, according to the bank CEO, Ali Ashraf Afkhami. He added that his bank has established correspondent relations with 51 foreign banks, BIM’s website quoted him as saying on Sunday. Hamburg-based Eihbank, affiliated to BIM, alone has opened LCs worth $1.2 billion, according to Afkhami. “Eihbank has conducted 5.4 billion transitions without other banks’ involvement, which has reduced transaction costs by 10-15%” he said. The banker added that BIM is currently holding talks with banks in China, South Korea, Japan, Germany and Italy. “I expect to get a credit line from one of these banks in the next three months.”
