Economy, Business And Markets

Expanding Correspondent Relations

Expanding Correspondent Relations Expanding Correspondent Relations

Iran has established correspondent relationships with 230 foreign banks since January following the implementation of the nuclear deal. Vice governor of the central bank Gholamali Kamyab told Mehr News Agency that Iranian banks opened letters of credit worth $17 billion in the first seven months of the current calendar year (started in March).In addition, Iran’s Ministry of Economic Affairs and Finance reported that the Export Development Bank of Iran (EDBI), after expanding cross-border activities, established ties  with several banks around the world. The latest EDBI  data reveals that correspondent relations have been formed with 64 banks in 20 European countries, 36 banks in 17 Asian states, four banks in Africa and one bank in Latin America.

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