Valiollah Seif (R) and Darmin Nasution
Economy, Business And Markets

Iran, Indonesia to Open Joint Bank Account

The establishment of a joint bank account between Iran and Indonesia will foster financial cooperation and facilitate bilateral transactions, said the Central Bank of Iran’s governor.
Valiollah Seif made the statement during a meeting with Indonesia’s Coordinating Minister for Economic Affairs Darmin Nasution on Monday, CBI’s website reported.
“Based on this system, both countries can open a bank account in each other’s central banks to facilitate the payment process,” he said.
Seif, who also heads the Money and Credit Council, said both countries can even use their local currencies for making payments, though the currency of choice must first be agreed upon by both sides.
He noted that these accounts will be used only to settle bilateral trade deficit or surplus every three months.
“Relations between the two countries’ central banks will improve our banking ties and give our banks the opportunity to open branches in Iran and Indonesia,” he added.
Seif noted that since tourism potentials of Iran and Indonesia are high, the two countries’ banking card systems could be integrated for Indonesian citizens to be able to use their cards in Iran and vice versa.
The Indonesian minister showed interest in Seif’s proposals, noting that his trip to Iran is a follow up on his president’s visit in December.
“I hope that this meeting will ease our relations, especially in monetary and financial sectors. However, I believe that restoring trust between our businessmen is crucial to improve trade,” he said.
Nasution noted that improvement of bilateral banking relations will definitely impact investments and business.
“The Indonesian Oil and Natural Gas Company (Pertamina) has close relations with the National Iranian Oil Company in purchasing natural gas and oil so following our negotiations, I hope to witness expansion of business relations between Iran and Indonesia in the near future,” he said.    
Heading a high-ranking economic delegation, Indonesian President Joko Widodo visited Tehran on December 2016. Several memoranda of understanding for cooperation in a wide range of fields, including banking, stock exchange, oil, paper and food, were signed between Iran and Indonesia’s chambers of commerce.

Short URL : https://goo.gl/SH4rH6
  1. https://goo.gl/oMzswg
  • https://goo.gl/fQkTUy
  • https://goo.gl/gIhg1H
  • https://goo.gl/R3Xfp2
  • https://goo.gl/g5XPhT

You can also read ...

A ceremony was held to mark National Export Day in Tehran on Oct. 21.
Iran’s National Export Day was marked in a ceremony held in...
Multilateral MoU to Expand INSTC
Railroad entities of Iran, Azerbaijan, Russia and Belarus...
CI Ratings Affirms Iran’s Stable Outlook
Capital Intelligence Ratings (CI Ratings or CI), the...
Istanbul to Host Iranian Expo
The Turkish capital Istanbul will host a four-day exhibition...
S. Africa-Iran Business Forum Next Week
South Africa’s Department of Trade and Industry and its...
Banks Obliged to Set Up Compliance Department
The Central Bank of Iran in its latest directive publicized on...
Real Rial Rate Main Booster of Exports
Iranian exports are currently suffering as a result of an "...
BMW Offices Raided in Cartel Investigation
BMW’s headquarters were raided by European Union officials...

Add new comment

Read our comment policy before posting your viewpoints

Enter the characters shown in the image.