Iran establishes ties with foreign banks after JCPOA

EghtesadOnline: Managing Director of Exports Development Bank of Iran Ali Salehabadi said Iran has established relations with a number of foreign banks after the signing of the Joint Comprehensive Plan of Action (JCPOA).

News ID: ۷۳۵۷۴۹

11 August 2016

Talking in a gathering of provincial business owners and managers, he said Iran is planning to cut the rate of exchange facilities from the present 6 percent to 4 to provide better chances for Iranian exporters to compete with foreign companies.

Noting that promotion of non-oil exports is at the hardcore of Resistance Economy, he said a total amount of rls 20 billion of facilities have been allocated to encourage exports, according to IRNA.

He said his bank has already been working on cooperation with a number of foreign banks including South Korea’s Woori Bank.

The official further said that the bank is also permitted by the Central Bank of Iran (CBI) to open long-term credit lines for those foreign companies which embark on purchasing goods from the Iranian exporters.

Commenting on the recent policies regarding increasing economic relations with Russia, he said companies which engage in exports to Russia will be given priority when allocating facilities.