Bank Melli Iran, the nation’s biggest state-owned lender, has called on Iran and Turkey’s businesspeople to tap into special letters of credit facilities offered as part of the nations’ currency swap deal to promote their businesses. “Iranian importers can use timed L/C loans and pay the value of their imported goods in credit. This is while Turkey’s sellers will receive the value of their goods in cash,” BMI wrote in a statement published on its official website. Based on the currency swap deal, the lender added that the value of Iranian exports will also be paid in cash while Turkish buyers will be able to reimburse the money in installments. “We recommend Iranian exporters redirect their buyers to open L/Cs using this method at Ziraat Bank, the biggest state-run bank of Turkey,” BMI said.
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