Economy, Business And Markets

Bank Pasargad Joins AIBE

Bank Pasargad Joins AIBEBank Pasargad Joins AIBE

Bank Pasargad has joined the Association of Iranian Banks in Europe, an independent body established in Frankfurt, Germany, about a year ago to facilitate banking transactions between Iran and Europe. In addition to banks that have branches or representative offices in Europe, companies and individuals involved in bilateral trade can also apply for membership in the association, ILNA reported on Monday. Current Iranian members include the Central Bank of Iran, the Monetary and Banking Research Center, five state-owned, one semi-state owned and one private bank. European parties to the 2015 Iran nuclear deal have been struggling to shore up the landmark agreement following the unilateral US decision in May to withdraw. Trade between Iran and Europe was picking up after the pact came into force in January 2016 to lift sanctions against Iran’s key economic sectors, including banking, in return for rolling back its nuclear program. However, Washington’s controversial move has overshadowed the prospects of strengthening Iran-Europe banking ties.


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment