The talks were held by Governor of Central Bank of Iran (CBI) Valiollah Seif and Managing Director of Monetary Authority of Singapore (MAS) Ravi Menon.

Since international banks do not have enough knowledge about Iranian banks’ activities, they are worried about the risk of relations with Iran’s banking network, Seif said during the talks while referring to the country’s banking activities which are under international regulations and standards.

He further suggested that CBI and MAS constructively interact in order to remove those worries.

Menon, for his part, said MAS is ready to resume banking cooperation with Iran.

Singapore just follows the United Nations’ resolutions not the other sanctions including those imposed by the US Treasury Department, said Menon.

Anti-Iran sanctions were lifted on January 16, 2016, but the US Treasury Department in its new guidance published on October 7, said that some previously prohibited dollar transactions with Iran by offshore banking institutions are allowed as long as they do not enter the US financial system.

The Singaporean official further called for holding more banking meetings between the two countries to remove the ambiguities and boost constructive ties.

On January 28, 2016, Singapore cancelled 2012 prohibition on transactions with the Iranian government and with Iranian financial institutions.