Iran establishes relations with foreign banks

Iran establishes relations with foreign banks

Iran has established correspondent relations with 230 foreign banks since January 16, 2016, the vice governor of Central Bank of Iran for foreign exchange affairs, Gholamali Kamyab, said.

He noted that Iranian banks opened $17 billion worth of letters of credit over the first seven months of the current Iranian calendar year (started March 20), Trend reports.

Iran still has difficulty in establishing banking ties with leading European banks as they are worried about running afoul of US regulations.

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