Conditions ripe for Iran-Russia banking ties

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On December 23, 2015, Posted by , In News, By , With No Comments

Governor of the Central Bank of Iran Valiollah Seyf said on Tuesday that conditions are prepared for brokerage relations between central banks of Iran and Russia.

In a meeting with a visiting Russian delegation, Seyf said conditions are now ripe for opening common accounts and establishing brokerage relations between Iranian and Russian banks.
He said exporters of Iranian goods to Moscow will be offered special incentives.
He added that the idea of joint account and brokerage ties had already been presented to the Russian side and the goal was not met due to sanctions but that now it can be fulfilled due to removal of sanctions.
He said lack of proper banking relations is an obstacle on the way of promotion of mutual commercial relations.
‘The Central Bank of the Islamic Republic of Iran supports the projects that lead to promotion of volume of mutual trade.’
He also said that a team, comprising Iranian and Russian commercial banks, should be formed and expert-level sessions should be held to look into necessary grounds for elimination of the existing obstacles, taking concrete actions to expand banking relations.
Seyf also suggested formation of a technical committee to draw up mechanisms for opening credit lines.
On proper forex rate for Iranian exporters, he said there are two forex rates now valid in Iran, i.e. inter-banking rate and free market rate, due to sanctions.
He said exporters to Russia have been allowed to sell their forex in the free market and that’s a good support for exporters.
Meanwhile, Russian Minister of Industry and Trade Denis Manturov said that Iran and Russia have reached agreement on many projects and implementation of the projects need establishment of proper banking and financial relations between the two sides.
He hoped that during meetings between the two sides, mechanisms will be set forth and commercial banks of the two countries will soon settle their problems to expand mutual economic ties.
The Russian economic delegation, headed by Manturov, has visited Tehran to take part in the Iran-Russia commercial and industrial dialogue programs and the Russian National Exhibition.
Iran and Russia signed two Memoranda of Understanding on Monday for economic cooperation on sidelines of the Russian National Exhibition in Tehran International Fair.
The signatories to the agreement were Manturov and Iran’s Minister of Industries, Mining and Trade Mohammad-Reza Nematzadeh.
The two sides’ private sectors inked one more agreement, which envisions exchange of technology for production of combine harvesters.
The Russian National Industrial Fair themed Trade and Industrial Dialogue: Russia and Iran opened in Tehran Airshow Center, on December 21 and will end on December 23.
Among the invited government officials and dignitaries to the event were Surena Sattari, Vice President of the Islamic Republic of Iran; Manturov, Minister of Industry and Trade of the Russian Federation; Yury Slyusar, President of United Aircraft Corporation; Anatoly Artamonov, Governor of Kaluga oblast; Alexey Tyupanov, General Manager, EXIAR; and Export support agency of Russia CEOs of over 100 Russian industrial and technology companies and the regional governors.
Besides over 10 conferences and seminars, the Russian side presents the 3,000 square meters exhibition with the most advanced technologies in Heavy Machinery, Transport and Agricultural Machinery, Pharmaceutical, Energy technologies as well as famous Sukhoi Superjet 100 aircraft and Sukhoi SuperJet 100 Business Jet. The event organizers invited the public to attend the event.

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