Bank Sepah’s Forex Operations Up 31%

The total value of forex operations conducted by Bank Sepah stood at $3.714 billion during the 10 months to January 3, marking a 31% growth compared with the previous year’s $2.828 billion. Mostafa Partoafkanan, a board member of the bank, announced that Sepah has issued $1.837 billion worth of L/Cs in this period. “Our bank has also issued $1.28 billion worth of payment orders during the past 10 months,” Sepah’s website quoted him as saying. Partoafkanan also referred to Central Bank of Iran’s June decree, which allowed bankers to start dealing in foreign exchange at the market rate, saying that it has had a considerable effect on Sepah’s performance. Back in July, the banking system got the thumps-up from CBI to trade in foreign currencies at the open market rate.