Xinhua
25 May 2023, 01:00 GMT+10
TEHRAN, May 24 (Xinhua) -- Iran's top banker said Wednesday that Iran has managed to expand relations with foreign banks despite the Western sanctions on its financial and banking sectors, according to official news agency IRNA.
Governor of the Central Bank of Iran (CBI) Mohammad Reza Farzin made the remarks in an address to the 51st Meeting of the Board of Directors of the Asian Clearing Union (ACU) starting in the Iranian capital of Tehran on Wednesday.
Farzin said a number of foreign banks are present in Iran and some countries are establishing joint banks in Iran while more than eight financial institutions owned by Iranian banks are operating in other countries.
In addition, Iranian banks have set up 49 branches in other countries, including Britain, Germany, Russia, Iraq, the United Arab Emirates and France despite intensified Western sanctions over the past 10 years, he added.
Deputy Governor of the CBI for International Affairs Mohsen Karimi said on the sidelines of the meeting that the ACU members will, within one month, replace the SWIFT system with their own exclusive interbank messaging network.
The ACU members are the central banks of Iran, India, Bangladesh, Bhutan, Maldives, Nepal, Pakistan, Sri Lanka, and Myanmar.
Get a daily dose of Iran Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iran Herald.
More InformationREDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
DUBAI, U.A.E.: Saudi Aramco is exploring asset sales as part of a broader push to unlock capital, with gas-fired power plants among...
The Hague [Netherlands] July 12 (ANI/WAM): JA UAE delegation led by Omran Sharaf, Assistant Foreign Minister for Advanced Science and...
New Delhi [India], July 12 (ANI): Tomy Thomas, husband of Nimisha Priya, the 37-year-old Indian nurse from Kerala who faces execution...
Tel Aviv [Israel], July 12 (ANI): Gaza has become the graveyard of children and starving people, UNRWA chief Philippe Lazzarini said,...
(Photo credit: Kelley L Cox-Imagn Images) A pair of best-of-three tiebreakers helped determine the final order of Groups C and D...