Iran, Japan Expanding Banking Ties

Economic relations between Iran and Japan will enter a new phase after a planned $10 billion credit line is opened, said a senior assistant to the dean of Asian Development Bank Institute in Japan.”Three Japanese big banks, namely the Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Bank and Mizuho Bank, have started interactions in the form of telegraphic transfer—an electronic method of transferring funds—and L/C at sight  with a number of Iranian banks. These banks’ transactions are taking place through Japanese yen, which reduces the risk of transaction,” Farhad Taqizadeh-Hesari was also quoted as saying by ISNA. Taqizadeh-Hesari said Japan’s crude oil imports from Iran witnessed a growth of 130% in the wake of the nuclear deal, while adding oil products to Iran’s export basket to Japan.