Iran, Cyprus Welcome Broader Banking Ties

Iran’s First Vice President Es’haq Jahangiri met with the speaker of the parliament of the Republic of Cyprus and called on the eastern Mediterranean nation to expand its banking ties with Iran.

“When a European government is committed to work with Iran, their banks have found it easier to work with their Iranian counterparts and we expect Cyprus to do more in this regard,” Jahangiri was quoted as saying by IBENA.

The official was meeting on Saturday the head of the Cypriot Parliament, Demetris Syllouris, who had travelled to Tehran to take part in the inauguration ceremony of President Hassan Rouhani.

Jahangiri noted that a number of European banks have rekindled ties with Iran following the nuclear accord and opened letters of credit while some Iranian banks have reopened their European branches.

“There are no legal limitations for European banks working with Iran,” he said, adding that the hesitation on their part is because the US has created an environment that fosters concerns.

He hoped that during the next trip of a trade delegation from Cyprus to Iran, banking officials would identify and target a platform of mutual collaboration and create suitable banking relations.

Jahangiri also pointed out that holding joint conferences or even commissions can help expand ties, adding that such events can remove economic, political and cultural hurdles.

Syllouris, who was the leader of the Cypriot European Party between 2005 and 2016, noted that Iran and Cyprus have had ties for centuries and welcomed development of cooperation in various levels.

“Work and collaboration between companies and universities of both countries have begun, but to reach an agreeable level for both sides, we need to solve problems that exist in banking ties,” he added.

The Cypriot parliamentary head announced that a delegation of traders and businessmen from his country will travel to Iran in the near future, signaling that his nation welcomes further ties with Iran, which will become more effective when banking barriers are removed.

Syllouri referred to the launch of Iranian bank branches in Cyprus and Greece as one of the ways by which banking hurdles can be eliminated and added that negotiations between top officials of the central banks of both nations can create the necessary momentum.