Ira­nian banks to set up in Ger­many

The Myanmar Times - - International Business -

TWO pri­vate Ira­nian banks will open branches in Mu­nich as the Is­lamic re­pub­lic looks for ways around on­go­ing bar­ri­ers to in­ter­na­tional fi­nanc­ing.

The cen­tral bank an­nounced that Mid­dle East Bank and Sina Bank would set up in Ger­many’s Bavaria state, fol­low­ing a visit by lo­cal Econ­omy Min­is­ter Ilse Aigner to Tehran.

“This is a first since the rev­o­lu­tion of 1979. We hope to open our branch by the end of 2016,” Parviz Aghili, di­rec­tor gen­eral of Mid­dle East Bank, told AFP.

Iran’s cen­tral bank is also now work­ing with its Ger­man coun­ter­part and sev­eral banks in the coun­try to set­tle oil ex­ports in eu­ros.

“The cen­tral bank is fo­cused on de­vel­op­ing re­la­tions with other coun­tries,” said Ak­bar Komei­jani, vice pres­i­dent of the cen­tral bank.

Ger­many was one of Iran’s main trad­ing part­ners un­til in­ter­na­tional sanc­tions were im­posed over its nu­clear pro­gram in 2012.

De­spite sanc­tions be­ing lifted un­der last year’s nu­clear deal, ma­jor Euro­pean banks have been reluc­tant to work with Iran, fear­ing con­tin­u­ing US non-nu­clear sanc­tions.

Only a few small Euro­pean banks without ties to the US have been willing to work with Iran, mean­ing that ma­jor trade deals have been stalled. –

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