Iraq, Iran to Resume Banking Ties

August 22, 2015 in Banking & Finance
By John Lee.

Delegations from two Iranian banks have visited Baghdad to discuss the resumption of banking ties between the two countries.

Morteza Shahidzadeh, the Managing Director of Iran’s Keshavarzi Bank, and Managing Director Hassan Motamedi of Eghtesad Novin (EN) Bank, will meet with top Iraqi banking officials.

According to a report from AIN, Iran has set up the Islamic Regional Cooperation Bank for Development and Investment in Iraq in a bid to provide services for Iranian clients in Iraq, such as preparing a pricing system to provide guarantee services, issuing letters of guarantee, opening accounts and providing banking services.

The bank has 11 branches in Iraq and plans to facilitate moving funds using secure brokerage network, reception of facilities by Iranian and Iraqi companies, opening LC to facilitate trading and providing banking consultations.

At a meeting with President of the Islamic Supreme Council of Iraq, Ammar al-Hakim, in Tehran on Tuesday, Iranian Foreign Minister Mohammad Javad Zarif said that Iran prioritizes “expansion of ties” with Iraq.

(Source: All Iraq New Agency, Tehran Times)