German Credit Agency Resumes Iran Coverage

Euler Hermes, Germany’s export credit agency, has recently issued an 18-million-euro coverage for trade with Iran, which marks the German insurer’s first coverage after the lifting of the sanctions in January, said Omid Yaraghi, president of Iran-Germany Joint Chamber of Industry and Commerce. The two countries recently reached an agreement over settlement of Iranian debt to Hermes. “The agreement helped improve Iran’s credit rating,” eximnews.ir quoted him as saying during the chamber’s annual meeting Sunday in Tehran. Yaraghi said he was optimistic about the future of banking relations between the two countries, even though banking ties have not normalized yet. “EIH bank is the only active bank in Germany with links to 20 Iranian banks,” he said adding that some regional banks like Sparkasse and Volksbank are also working with Iran.