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Truck Fleet Renewal to Fast-Track Iran-Sweden Banking Relations

Iran is seeking to develop banking relations with Sweden and eyes joint ventures in vehicle fleet renewal as a potential solution
Stefan Ingves (C) on April 4 met with his Iranian counterpart at the  Central Bank of Iran headquarters in Tehran.     Stefan Ingves (C) on April 4 met with his Iranian counterpart at the  Central Bank of Iran headquarters in Tehran.
Ingves recommended that Iran increase its oversight on banks, reform the structure of its state-owned lenders and implement a managed floating foreign exchange system after unifying its current dual rate system

Iran is yet to fully regain its status in the global banking industry following the implementation of the 2015 nuclear deal that provided sanctions relief, and in case of Sweden, it hopes that joint ventures in the auto industry would prove a turning point.
On Wednesday, a host of high-level officials with the Central Bank of Iran met with their counterparts in Tehran to discuss ways of improving banking relations, the official website of CBI reported.
"The participation of Swedish truck manufacturing companies in the megaproject of renewing Iran's fleet can mark the resumption of correspondent banking relations between the two countries," CBI Governor Valiollah Seif told Stefan Ingves, governor of Sveriges Riksbank, the central bank of Sweden.
"Renewal and development of Iran's fleet has the capacity of about €5 billion in investments during the next three years and if the Swedish side finances this project, it would also open the way for banking links in addition to developing bilateral business cooperation," he said.

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