Banks in New Zealand Willing to Expand Ties With Iran

Representatives from four New Zealand banks have expressed interest in expanding ties with Iran, during a meeting Wednesday with Ebrahim Rahimpour, deputy foreign minister for Asia-Pacific affairs in Wellington.

Rahimpour said that lack of banking relations between the two countries has increased costs of doing trade for New Zealand businesses, leaving them outcompeted by other foreign rivals in the Iranian market, IRNA reported.

Elaborating on improvement in Iran’s relations with international banks, the official invited New Zealand bankers to discuss ties with the Central Bank of Iran.

New Zealand bankers welcomed the invitation, hoping that further talks with the CBI would help build trade and commerce between the two countries.

Along with other western countries, New Zealand lifted sanctions against Iran in February after the country agreed to roll back its nuclear ambitions. The New Zealand government has also asked banks to monitor the issue closely, so that they would find a way to link with Iran.

However, the banks are still cautious about their ties with Iran.

Trade between New Zealand and Iran is reported at $200 million for 2016, whereas the figure was $90 million in 2015.