Banking Cooperation Talks With Swiss Envoy

"Iranian banks are now operating within the framework of international regulations and many measures have been taken to comply with international standards," Valiollah Seif was also quoted as saying at the meeting by CBI's website.

"Iran is currently trying to instill major reforms in its banks under the two main categories of standardizing banking operations and complying with international regulations, and enhancing auditing and supervisory standards," he said.

As to making corrective changes in the auditing and supervisory standards of Iranian banks, the official said the lenders are currently under intense asset quality review (AQR) and CBI will devise reform measures to improve the structure of each bank based on measures tailored in accordance with AQR results, Financial Tribune reported.

The Swiss ambassador welcomed expansion of banking ties between Iran and Switzerland, and said Swiss banks are being encouraged to work with their Iranian counterparts.

"To develop banking cooperation, a clearer image of the Iranian banking system must be projected and this meeting can be seen as a prelude to this," Markus Leitner added.

The ambassador welcomed the positive efforts undertaken by Iran for improving its banking system and said he will discuss Iran's proposals with Swiss banking officials, so that Iranian banks are able to obtain permits to open branches in Switzerland.

Leitner earlier met with the head of Tehran Chamber of Commerce, Industries, Mines and Agriculture, Masoud Khansari, in late September to discuss ways of strengthening bilateral ties, mainly by resolving banking issues inside and outside Iran.

Khansari later led an Iranian private sector delegation to Switzerland and Mohammad Nahavandian, President Hassan Rouhani's then chief of staff, also travelled to the European country in Dec. 2016 for facilitating banking ties and expanding financial and monetary relations. He also met with the Swiss president and a number of bankers.