CBI opens accounts in 6 more foreign banks

Tehran, Feb 10, IRNA – The Central Bank of Iran (CBI) over recent months opened accounts in the banks of Oman, Russia, Austria, Qatar and Switzerland as well as the Frankfurt branch of Sepah Bank of Iran.

On the 39th anniversary of the victory of Islamic Revolution of Iran, the CBI provided a report on its achievements, and said the accounts were opened in Sohar Bank of Oman, Russian VTB, the Frankfurt branch of Sepah Bank of Iran, the RBI of Austria, Qatar National Bank (QNB) and Swiss Gazprombank Group.

Moreover, from January 2015, when the JCPOA began to be implemented, to January 20, 2018, 818 brokerage relationships were built with 284 foreign banks so as to facilitate the banking and commercial relations.

Among measures taken by the CBI in that connection are signing an agreement with Turkey to swap rial with lira. As per the agreement the two sides provided each other with credit: five billion liras worth credit and equal amount of credit in rial. The sum was to be spent to finance trade and investment in the either country.

Conclusion of an agreement by the Bank of Industry and Mine of Iran and China EximBank for financing the project for electrification of the Tehran-Mashad train at the expense of 11.5 billion yuans (about 1.7 billion dollars), the eight billion euro worth agreement, signed by South Korea EximBank and 12 Iranian banks, and the inking of a 10 billion dollar credit line agreement between the consortium of Chinese banks, representing citik Trust, and five Iranian banks, were among other measures taken by the CBI over recent months.

Furthermore, Iran managed to sign a one billion euro credit line agreement between Austrian Oberbank and 14 Iranian banks, while finalizing a 500 million euro credit line agreement between Danish Danske Bank and 10 Iranian banks.

Additionally, agreements were signed by Iranian Ministry of Economic Affairs and Finance and Russian Finance Ministry on extension of credit line to the ceiling of about 2.2 billion euros to the Iranian government by Russian federation government to finance two government projects. Also four short-term agreements were signed by South Korea Eximbank and Iranian banks of Pasargad, Parsian, Export Development Bank and Bank of Industry and Mine at a total value of 400 million dollars. They were among measures taken by the CBI.

Among other CBI measures were $35 million worth agreements between Japanese SMBC bank and Iranian Mellat Bank, 13 short-term agreements, worth about 365 million dollars, between foreign branches of Iranian banks and Moscow Mir Business bank and Persian International bank and Iranian banking network and also cooperation agreements between the CBI and Italian Sache bank, Austrian OeKB, Korean banks of Eximbank and development banks or KDB, Russian parties (EXIAR and VEB), Indian Eximbank, China's CDB and EXIAR institution. CBI also managed linking of Iran Shetab system with Russian MIR switch card, which is in test stage. Similar preliminary measures have also been taken to connect to Oman switch card.