Prior to the imposition of western-imposed sanctions, Export Development Bank of Iran used to maintain brokerage relationships with around 400 foreign banks across the world.

During sanctions, however, these financial ties were severed.

Now there is the possibility to directly or indirectly send bills of exchange, drafts and open letters of credit with 54 banks as well, the bank said in a report on Tuesday.

Efforts are underway for 13 other foreign banks to reestablish brokerage relationships, Following the implementation of the Joint Comprehensive Plan of Action, the report added.

Banks in Italy, Spain, Germany, Belgium, Austria, Russia, Turkey, China, Japan and Oman are among foreign banks reestablishing financial ties with Iran.