Economy, Business And Markets

Reconnection With 450 Foreign Banks

Reconnection With 450 Foreign BanksReconnection With 450 Foreign Banks

Iranian banks have established corresponding relations with about 450 foreign banks since the lifting of the sanctions in January, said the vice president for executive affairs.

“Iran’s banking relations are expanding in line with Resistance Economy guidelines and we expect banks to engage with major international banks gradually,” IRNA also quoted Mohammad Shariatmadari as saying during a meeting with Ardebil Province's officials late Saturday.

Resistance Economy is a set of policies outlined by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei to bolster economic self-reliance and limit dependence on oil revenues.

Noting that reestablishment of banking relations is a time-consuming process, Shariatmadari said coordination among all organizations would help the country realize Resistance Economy’s goals.”

Although international sanctions over Iran’s nuclear program were lifted in January, the world’s big banks continued to stay away fearing falling foul of the residual US sanctions. This has slowed Iran’s efforts to rebuild its foreign trade and investment.

Italy's Unicredit, Belgum's KBC, Sweden's SEB and Austria's Erste Bank are some of the major European banks that have reportedly restored relations with Iran after the easing of sanctions.