Iranian Rial

[climber7]

19 hours ago, screwball said:

US eyes economic ties with Iran

By Fereydoun Majlesi

The US Treasury Department has recently decided to loosen anti-Iran sanctions, relaxing rules on foreigners doing dollar-dominated transactions with businesses in the nation.

The new rules allow transactions with entities in Iran that aren’t under sanctions.

The Treasury's decision implies that the US has realized that its hostile approaches toward Iran over the past decades have backfired.

US President Barack Obama will leave the White House soon as polls suggest his Democratic colleague Hillarious Clinton may succeed him. Hence, Obama does not want to create tensions for Clinton in case she is elected as the next US president.

Besides, the White House seeks to benefit from economic ties with Iran. A few months ago, Iran reached a deal to buy 100 planes from US planemaker Boeing. Washington does not want to lose such golden opportunities. Likewise, other US industrial sectors and its companies can take advantage of Iran's investment potentials.  

The decision by the Treasury to loosen anti-Iran sanctions will help ease tensions between Tehran and Washington. But it will not end more than three decades of estrangement between the two countries in the short run.

Nonetheless, the decision can help Iran and the US get involved in other logical activities.

Meanwhile, economic opportunities will help the two nations resolve their problems through talks.

Although Iran needs to boost its foreign trade, it should explore ways to increase its economic growth.

Peace and stability are among factors which promote economic growth. Hence, resolving the ongoing conflicts in the region paves the way for boosting ties with other nations in the economic, cultural and tourism sectors.

 

  

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US

ties

Iran

 

Related News :

• US eyes economic ties with Iran
• Political pressure stymies US-Iran ties
• Rouhani: American investors are welcome
• Iran's Rouhani calls for end to hostility with any country
• Taboo of direct talks with US

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Did anyone else notice in this article they referred to Hillarious as 'Hilarious'?  Makes me question the integrity of the author and the publication--even though I loathe killary 

 

17 hours ago, markb57 said:

so, that's it then. No cash out in the US. Hopefully Canada?

 

markb57

 

where in the article did you get that information/conclusion? I couldn't find anything.... 

[pokerplayer]

19 hours ago, screwball said:

US eyes economic ties with Iran

By Fereydoun Majlesi

The US Treasury Department has recently decided to loosen anti-Iran sanctions, relaxing rules on foreigners doing dollar-dominated transactions with businesses in the nation.

The new rules allow transactions with entities in Iran that aren’t under sanctions.

The Treasury's decision implies that the US has realized that its hostile approaches toward Iran over the past decades have backfired.

US President Barack Obama will leave the White House soon as polls suggest his Democratic colleague Hillarious Clinton may succeed him. Hence, Obama does not want to create tensions for Clinton in case she is elected as the next US president.

Besides, the White House seeks to benefit from economic ties with Iran. A few months ago, Iran reached a deal to buy 100 planes from US planemaker Boeing. Washington does not want to lose such golden opportunities. Likewise, other US industrial sectors and its companies can take advantage of Iran's investment potentials.  

The decision by the Treasury to loosen anti-Iran sanctions will help ease tensions between Tehran and Washington. But it will not end more than three decades of estrangement between the two countries in the short run.

Nonetheless, the decision can help Iran and the US get involved in other logical activities.

Meanwhile, economic opportunities will help the two nations resolve their problems through talks.

Although Iran needs to boost its foreign trade, it should explore ways to increase its economic growth.

Peace and stability are among factors which promote economic growth. Hence, resolving the ongoing conflicts in the region paves the way for boosting ties with other nations in the economic, cultural and tourism sectors.

 

  

KeyWords

US

ties

Iran

 

Related News :

• US eyes economic ties with Iran
• Political pressure stymies US-Iran ties
• Rouhani: American investors are welcome
• Iran's Rouhani calls for end to hostility with any country
• Taboo of direct talks with US

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Comment

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Email:
Comment:
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You mean this ?

pp

[climber7]

9 minutes ago, pokerplayer said:

 

You mean this ?

pp

 

YEP

[markb57]

Climber7, this is where I drew that conclusion

 

US President Barack Obama will leave the White House soon as polls suggest his Democratic colleague Hillarious Clinton may succeed him. Hence, Obama does not want to create tensions for Clinton in case she is elected as the next US president.

 

I see this as saying BO will leave this alone for the next President

[climber7]

1 hour ago, markb57 said:

Climber7, this is where I drew that conclusion

 

US President Barack Obama will leave the White House soon as polls suggest his Democratic colleague Hillarious Clinton may succeed him. Hence, Obama does not want to create tensions for Clinton in case she is elected as the next US president.

 

I see this as saying BO will leave this alone for the next President

 

Gotcha

 

[screwball]

‘Germany may fund Iran plane purchases’

Mon Oct 24, 2016 7:5PM

1. Home
2. Iran
3. Economy

Iran says it has discussed the possibility of using the leasing facilities of German institutions for its planned purchases of planes from global giants.

Iran says it is looking into the possibility of using the facilities of German financial institutions to fund its purchases of planes from aviation giants such as Airbus and Boeing. 

Abbas Akhoundi, Iran’s minister of roads and urban development, told reporters that he had raised the issue in a meeting with the visiting German Minister of Transport and Digital Infrastructure Alexander Dobrindt.

“Discussions with the German delegation included the possibility of using the leasing facilities of German companies for purchasing planes by Iran Air,” Akhoundi said after a meeting with Dobrindt, who is heading a major trade team to Tehran. 

The move could help push ahead a major plane purchase scheme that Iran is pursuing with giants Airbus and Boeing. Iran has sealed deals with both to purchase over 100 planes from each. Yet, the deals are still pending the identification of leasing institutions to fund the purchases.

German Transport and Digital Infrastructure Minister Dobrindt, for his part, emphasized that Berlin has established a special office at the Federal Ministry of Finance to facilitate financial issues relating to doing business with Iran. 

The mission of the Office for Development of Banking and Financial Relations with Iran will be to expedite the proceedings for the finalization of major trade deals with Iran and also to facilitate Germany’s new investments in the country, Dobrindt emphasized.

The German delegation arrived in Tehran this past Friday heading a major trade delegation to discuss the expansion of economic ties between the two countries.

Iran and Germany signed six basic agreements to develop economic relations during the meeting between Akhoundi and Dobrindt. 

The agreements mostly concerned the participation of German companies in Iran’s plans to develop its transportation sector. 

[screwball]

 

TEHRAN, Oct. 24 (MNA) – A new round of talks between Iran and UOP LLC Petroleum industry company of America has kicked off over investment and supply of new technologies.

Association of Petrochemical Industry Corporations (APIC) announced that a fresh round of negotiations has begun between Iran’s petrochemical officials and three major American and European petrochemical companies with the main axes of talks being construction of new polymer units, knowledge and technology transfer as well as issuance of license for new petchem plans.

On the sidelines of K Trade Fair 2016, the world's premier fair for the plastics and rubber industry in Germany, high ranking officials of Iran’s petrochemical industry held meetings with authorities of France’s Total and Air Liquide as well as America’s UOP, formerly known as Universal Oil Products.

The talks with UOP mainly revolved around supply of modern technologies to petchem industries especially in the field of propylene production, cooperation in methanol-to-olefins (MTO) technology as well as propane dehydrogenation (PDH) as a process step in the production of propylene from propane.

Presently, 80 per cent of propylene production is directly being converted to polypropylene since a centerpiece of the Sixth National Development Plan has been to uplift production capacity of propylene in order to feed petrochemical complementary industries.

Development of petrochemical industry in Iran also aims to increase production capacity of propylene and polypropylene to supply feed to petchem plants; accordingly, projects to convert methanol to polypropylene have been put on the agenda.

In addition to UOP, separate talks were also held with representatives of France’s Total oil company aiming to construct a polyethylene complex with new grades on the basis of modern technologies.

Undoubtedly, Total has been to most active European company in Iran’s oil, gas and petrochemical industries in the post-JCPOA era.

Also, Iranian officials at the German exhibition attended a meeting with representatives of Air Liquide Industrial gases company exchanging views on turning methanol to propylene and construction of industrial gases units in petchem industries.

HA/3804391

[screwball]

Gov't Set to Improve Business Climate

1. National

Tuesday, October 25, 2016

Gov't Set to Improve Business Climate

Upgrading the country's technology is of paramount importance and demands economic interaction at the international level 

 

 

President Hassan Rouhani said his government is pursuing a policy mainly aimed at creating a business climate conducive to local and foreign investment.

"The government is moving toward establishing a favorable business environment for foreign and local [investors]," Rouhani said, according to his official website.

He was speaking at a conference on investment held in the central province of Markazi on Sunday.

Noting that his government lays great importance on supporting domestic production, the president said, "The import of goods that can be produced domestically should be prevented."

Boosting domestic production also lies at the core of a national economic concept, namely Resistance Economy, outlined by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei to bolster productivity and diminish the country's dependence on oil revenues.

Rouhani's plans to deliver on his electoral promise of economic reforms after the 2015 nuclear deal with major powers have faced fierce opposition from his rival conservatives.

He intends to capitalize on the situation that has emerged after the removal of sanctions in January under the accord to jumpstart the hobbled economy, particularly by engaging with international businesses to absorb foreign investment and technology.

The deal curbed Tehran's nuclear program in return.

The president's opponents have criticized and attempted to block his plans on fears that opening the local market to westerners could, in effect, offer them the long-sought opportunity to make inroads into the country.

  Int'l Engagement Crucial

Rouhani noted that seeking self-reliance does not contradict cooperation with other countries.

"We will [continue] standing on our feet to make the best use of the capital, facilities and resources. Today, no individual or company can survive without interaction with the outside world," he said.

He highlighted the need to upgrade technologies and equipment currently in use in the country and said upgrading technology is of paramount importance and demands economic interaction at the international level.

Rouhani said his government is striving to enhance competitiveness in Iran's market because "a non-competitive mechanism is highly problematic."

"There needs to be domestic and international competition and progress is achieved through competition," he said.

Te president further said the current stability in the national economy and the falling rate of inflation are sending positive signals to producers and investors.

Rouhani added that the Islamic Republic's ambassadors have been tasked with promoting opportunities for investment and technology sharing in the untapped, lucrative Iranian market

[screwball]

Bank Melli Iran is planning to turn its branches in Germany and Iraq into bank subsidiaries, aiming to enhance performances of the branches in the two countries. BMI currently has subsidiaries in Russia (Mir Business Bank), and the UK (Melli Bank plc.) with both restarting their operations after the lifting of the sanctions in January. Speaking at the BMI board’s annual meeting, Mohammad Reza Hosseinzadeh, BMI’s chief executive urged the government to increase his banks’ capital to 130 trillion rials ($4.09 billion) and allow BMI to hire more people, IRNA reported on Sunday. Hosseinzadeh also noted that non-performing loans now account for 8.8% of Bank Melli’s assets, down from the previous year’s 14%.

[screwball]

The British government has announced that it has removed Bank Saderat Iran (BSI) from its list of sanctioned entities. 

The announcement was made by the UK Treasury which added that the BSI assets had also been unfrozen. 

The Treasury said in a release that the Iranian bank had been blacklisted as a result of nuclear sanctions against Iran.

The decision to delist the bank, it said, was in line with the amended regulations by the European Union regarding the lifting of sanctions against Iran.

The regulations required the sanctions against the BSI to be maintained until 22 October 2016. 

“As that date has now passed, Bank Saderat Iran and Bank Saderat PLC are no longer subject to the restrictive measures set out in the Regulation, including the asset freeze,” read part of the British Treasury announcement.

Britain had previously lifted sanctions against three other Iranian banks. In January, the Bank of England announced that it had reactivated the licenses of Melli Bank, Persia International Bank and Bank Sepah International - that had been subject to EU and US sanctions - thus allowing them to resume operations in the UK.

This followed the implementation of a nuclear deal between Iran and the P5+1 group of countries – the five permanent members of the Security Council plus Germany. 

Based on the deal that was sealed last summer, Iran agreed to restrict certain aspects of its nuclear energy activities in return for measures by the P5+1 to remove certain economic sanctions imposed against the country.  

[jaman]

what the heck...everyone lifting their banking sanctions but US....please..please..please come on

[markb57]

50 minutes ago, jaman said:

what the heck...everyone lifting their banking sanctions but US....please..please..please come on

I believe we'll be knocking on PP's door. Unless BO does it slight of hand at the last minute, I will be going to Canada.

[pokerplayer]

5 minutes ago, markb57 said:

I believe we'll be knocking on PP's door. Unless BO does it slight of hand at the last minute, I will be going to Canada.

Lots of room here ! I would be happy to help navigate the banking system here for all my Investing buddies from across the globe !! 💲 💲 💲

pp

[markb57]

Thanks PP! Did you ever get any new info about us southerners crossing the border and cashing out? I am assuming that we would have to convert to Canadian $'s and then to US $'s. 

Edited October 25, 2016 by markb57

[pokerplayer]

3 minutes ago, markb57 said:

Thanks PP! Did you ever get any new info about us southerners crossing the border and cashing out? I am assuming that we would have to convert to Canadian $'s and then to US $'s. 

Still working on it Mark. No bank will commit any answers until it RV's. My bank did say financial sanctions are being lifted so I will have more Info once that is done. She said you can go straight to US $'s if you so chose.

pp

Edited October 25, 2016 by pokerplayer

[markb57]

Thank You PokerPlayer!

[pokerplayer]

1 minute ago, markb57 said:

Thank You PokerPlayer!

[screwball]

Atop oil official on Tuesday said the government plans to exclude a bill for gasoline imports from the national budget for the next fiscal (2017-18) in what would end years of reliance on imports for the fuel.

"We have no plan to propose a bill as part of next year's budget law to authorize gasoline imports," Abbas Kazemi, deputy oil minister and the chief executive of the National Iranian Oil Refining and Distribution Company said on Tuesday, Mehr News Agency reported.

The government is largely banking on two major refinery complexes in south Iran to end dependence on imported gasoline.

Persian Gulf Star Refinery, the Middle East's largest refinery project in the port city of Bandar Abbas, will produce 12 million liters per day of premium grade gasoline once its first development phase is completed by the middle of next year. According to reports, the refinery will  produce 35 million liters per day.

"We won't need to import gasoline next year because the first phase of the Persian Gulf Star Refinery will come on stream" by May 2017, Kazemi noted.

The facility will process condensates, a light blend of oil found in natural-gas deposits in the South Pars Gas Field, the world's largest gas reservoirs located on the territorial border between Iran and Qatar in the Persian Gulf.

The refinery's launch has been delayed several times due to international sanctions that largely shut out Iran from the global financial and banking system and divested its energy sector of much-needed investment for several years.

Plans also call for raising Euro-4 gasoline output at Lavan Refinery in Hormozgan Province from 2.1 million liters per day to 3 ml/d in six months.

The complex has the capacity to process up to 60,000 barrels of crude oil per day and receives all of its input from four small and medium-size offshore fields in the Persian Gulf.

Domestic refineries on average produced 58.5 ml/d of gasoline in the first half of the current fiscal year (Mar.-Sept.) as imports averaged 12 ml/d, but imports are now down to 4-4.5 million liters a day, Kazemi said.

Data shows that Iran imported 9 ml/d of gasoline to meet its 70 ml/d demand last year. The country almost imported twice as much gasoline last year compared to 2013.

Officials are positive that Iran will become a gasoline exporter next year. The country also exports 600,000 tons of diesel, 140,000 tons of liquefied gas (including LPG and LNG) as well as 2 million tons of mazut per month.

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Singapore and Iran have agreed to expand banking ties following the lifting of economic sanctions. This was decided in a meeting between the heads of two countries' central banks.

"The Central Bank of Iran is willing to support banks in Iran and Singapore in order to start two-way collaboration," the CBI official website quoted central bank governor, Valiollah Seif, as saying.

Seif, who had travelled to Singapore at the head of a delegation, met with his counterpart Ravi Menon, managing director of Monetary Authority of Singapore, the country's central bank.

"To employ banking services and to execute business deals between the two countries, Iranian and Singaporean businesses need a variety of services including letters of credit and bank guarantees to avoid potential risks in their business activities," he said.

After being briefed on Iran's ongoing negotiations with other countries to reestablish correspondent banking relations, Menon asked for further talks and meetings between the banking sectors in both countries to "clear ambiguities and expand banking ties".

The senior Singaporean official said his country will only implement resolutions passed by the United Nations. "Other sanctions such as those decreed by the American Office of Foreign Assets Control are not notable and this has been communicated to Singapore's banking system," he was quoted as saying..

Seif noted that efforts undertaken in Iran to conform to international standards are important and worthy of attention, saying Iran's banking system has been hard at work to make its financial statements more transparent by implementing laws passed by the Majlis on combating money laundering and financing of terrorism. "In this regard, the central bank has helped in executing legislation" from the Iranian Parliament.

He termed the efforts of Iranian banks in complying with international norms s "progressive" and "updated".

As international banks are not familiar with the current conditions and operating procedures of Iranian banks, he said, "there are always concerns that this could cause problems in collaboration with Iran's banking sector. But these concerns can be addressed through constructive engagement between the two countries."

Ties with ABS

The CBI chief and his entourage also called on the head of the Association of Banks in Singapore (ABS) to introduce Iran's banking system and create and develop correspondent banking relations.

According to its website, ABS is governed by a council comprising 18 members drawn from the senior managerial ranks of the three local banks and 15 foreign banks. The body is chaired by a local bank (DBS Bank, OCBC Bank or UOB), with the chairmanship rotated every two years.

During the meeting which was attended by top-tier officials of UOB, BTMU, ICBC and DBS, Seif presented a report on the changes that have taken place since the lifting of the international sanctions in January. "The potential for economic collaboration between Iran and Singapore should be fulfilled and expansion of  banking systems as a result a expanding trade links is a prerequisite to achieving that goal."

The head of the Money and Credit Council pointed to the United Arab Emirates, which has shaped its economy based on a policy to re-export its commodities and services in the region. He proposed that with the goal of generating added value in the economy, Singapore can become more active in this area.

A Singaporean banking delegation from DBS had earlier visited Iran to open accounts for the central bank and Iran's banking system in order to expand banking ties and ease business relations between the two nations.

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[screwball]

UK Removes Bank Saderat From Sanctions List

1. Economy
2. Business And Markets

Wednesday, October 26, 2016

UK Removes Bank Saderat From Sanctions List

 

 

 

The UK Treasury Monday announced that it has removed Bank Saderat Iran and its London-based subsidiary Bank Saderat PLC from the blacklist of financial sanctions against Iran.

“Council Regulation (EU) 267/2012 imposing financial sanctions against Iran (nuclear proliferation) has been amended” the body announced in a press release on Monday adding that asset freeze no longer applies to the BSI and Bank Saderat PLC.

The move was in accord with the Council of European Union’s regulation published earlier on April, according to which financial sanctions were in force until 22 October. “As that date has now passed, Bank Saderat Iran and Bank Saderat PLC are no longer subject to the restrictive measures set out in the Regulation, including the asset freeze.”

Saderat has been subject to sanctions since 2010. The lender remained in the black list even after the lifting of the sanctions on January. BSI, Ansar Bank and Mehr Eqtesad Bank remain under the sanctions.

Back in January, Iran’s Foreign Ministry had announced that it was negotiating with foreign nations to end the sanctions imposed on Bank Saderat of Iran.

Since the lifting of the sanctions, Iranian banks have managed to resume operations in European capitals, including Melli Bank in London, Persia International Bank and Bank Sepah branches in Germany and Italy.

BSI’s presence in the UK goes back to 1963 when it launched a branch in London. The branch was merged with Iran Overseas Investment Bank PLC in 2002 to form Bank Saderat PLC.

As a subsidiary fully owned by the BSI, Bank Saderat PLC was subjected to the EU council’s 2010 sanctions. The sanctions, apart from freezing bank’s assets, prohibited conducting any financial transaction with the BSI subsidiary.

Saderat is one of the largest banks in the Middle East and has 28 international branches. The bank has branches and subsidiaries in London, Paris, Hamburg, Frankfurt and Athens. With nine branches in the UAE (three in Abu-Dhabi, six in Dubai) and branches or subsidiaries in Qatar, Bahrain, Oman, Uzbekistan, Turkmenistan and Afghanistan, BSI could make a significant contribution in re-establishment of commercial relations of Iran with regional countries in the post-sanctions.  

The lender handles 367,000 clients online with an average of 10 million transactions a month. The bank also has 440,500 points of sale, generating over 32 million transactions every month.

In recent months, some Iranian banks and their overseas branches have restarted operations in the wake of sanctions relief such as Bank Melli's affiliate in Russia known as Mir Business Bank, Melli Bank Plc and its branch in Hong Kong as well as three branches of Bank Mellat in Turkey and Armenia.

Since the removal of sanctions, some private banks like Pasargad, Parsian, Sina, Middle East and Saman have reportedly received permission to establish branches or corresponding offices across the EU

[screwball]

according to which financial sanctions were in force until 22 October. “As that date has now passed, Bank Saderat Iran and Bank Saderat PLC are no longer subject to the restrictive measures set out in the Regulation, including the asset freeze.”

 

interesting date?..

[screwball]

 

CBI governor agrees with Singapore Dy PM on direct banking ties

Kuala Lumpur, Oct 25, IRNA – Governor of Central Bank of Iran (CBI) Valiollah Seif met with Singapore Deputy Prime Minister and Minister of Coordination of Economic Affairs Tharman Shanmugaratnam on Tuesday and reached agreement to begin a new chapter of banking activities.

 

In the meeting, which Iran's Ambassador to Singapore Javad Ansari and a banking delegation from Iran were present, Seif explained existing capacities for expansion of trade and economic relations between the two countries.

He underlined banking cooperation as a prelude for development of economic ties.

Seif said that in case of interest of Singaporean bankers to visit Iran, CBI is ready to help them get familiarized with the latest banking achievements of Iran and remove possible ambiguities about business with Iranian banks.

He invited the Singapore deputy prime minister to visit Tehran and called on Singaporean government to support development of banking cooperation between the two countries.

Shanmugaratnam appreciated Seif for accepting his invitation to visit Singapore and expressed pleasure with outcome of negotiations between the Iranian delegation and Singaporean bankers.

He also underlined necessity for expansion of economic and trade ties between Iran and Singapore in post-sanctions era.

Seif also met with Singapore Central Bank Governor Ravi Menon on Tuesday morning and reached agreement on development of banking cooperation.

In a meeting with senior directors of large Singaporean banks; DBS, OCBC, BTMU and UOB as well as chairman of Singapore banks association, Seif introduced capacities of Iranian banking networks.

He is to deliver speech in first meeting on 'Investment in Iran' on Wednesday.
1391**1416
‎

 

 

 

 

• اقتصاد
• Singapore
• Iran
• Bank

Contact Editor-in-chief:  newsroom@irna.ir 

[screwball]

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Iranian major bank out of UK asset freeze list

London, Oct 25, IRNA – Britain’s Ministry of Finance has removed Bank Saderat Iran (BSI) and Bank Saderat PLC, the UK branch of BSI, from the list of sanctions.

 

In a statement released on Monday, the ministry said that Council Regulating (EU) 267/2012 ('the Regulation') imposing financial sanctions against Iran has amended so that an asset freeze no longer applies to BSI and Bank Saderat PLC. 

The amending Regulation amended the listings of Bank Saderat Iran and Bank Saderat PLC so that they would remain in force until October 22, 2016, the statement said, adding that as that date has now passed, Bank Saderat Iran and Bank Saderat PLC are no longer subject to the restrictive measures set out in the Regulation, including the asset freeze. 

A copy of the Amending Regulation can be obtained from the website of the Official Journal of the European Union.

9341**1416

[screwball]

UK to release frozen assets of BSI, BSPLC

News ID: 3805328 - Tue 25 October 2016 - 09:28

Economy

TEHRAN, Oct. 25 (MNA) – Britain's Ministry of Finance made the announcement that following the decision made by Council of the European Union, Bank Saderat's blocked assets will be released.

The statement by Britain’s Ministry of Finance reads that Council Regulations of the European Union, in its new amendment, has removed the names of Bank Saderat Iran (BSI) and Bank Saderat PLC, the UK branch of BSI, from the list of institutions whose assets had been frozen due to connections with Iran’s nuclear document.

It is worth mentioning that the EU Council had published the Council Regulation No 2016/203 of 20 April 2016 in its official journal.

Under the Council Regulation, the applied financial sanctions against BSI and BSPLC were to remain in force as long as October 22, 2016. Accordingly, with two days having passed from the envisaged date, the two Iranian banks are no longer subject to the restrictions of the law which had blocked their properties.

It is worth noting that the Council of Europe passed a Regulation in 2012 under which the assets of Banks Saderat Iran and its London branch were blocked on claims of being involved in Iran’s nuclear program.

HA/3805207

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[screwball]

Governor of the Central Bank of Iran (CBI) Valiollah Seif held talks with senior officials of Singaporean banks including OCBC, DBS and UOB.

The talks, which were held in Singapore on Tuesday, focused on banking cooperation in line with developing bilateral relations in the economic areas, IRNA reported.

During the talks, Seif elaborated on Iran's economic capacities and stressed the importance of expanding exchanges and banking cooperation between the two countries.

As the state and private Iranian banks are in full coordination with the international standards and regulations, they can resume banking relations with international banks, Seif underlined.

He invited Singaporean banking officials to visit Iran to get familiar with activities of Iranian banks.

Referring to the United Arab Emirates move to follow the re-export policy, Seif proposed to the Singaporean officials to adopt the same policy.

Meanwhile, the Singaporean officials welcomed the development of banking relations with Iran.

A delegation from DBS, during its recent visit to Iran, has opened accounts for Iran — a move which is very important for facilitating banking relations between the two countries.

CBI chief is in Singapore to attend the first investment meeting between the two countries slated for October 26.