Iran's foreign banking ties improve despite Western sanctions: top banker

Xinhua
25 May 2023, 05:30 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.

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