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Legal & Judicial

Bank of China to operate in Iran

In a meeting with CBI Governor, the president of the Bank of China expressed his Bank's desire to operate in Iran.

During this meeting, Valiollah Seif addressed Chen Siqing, President of China Bank and said, "Iran has had deep and long-term relations with China and always considers it as a strategic partner".

CBI Governor mentioned the last trip of president of People's Republic of China to Iran and said:" Expansion of economic co operations was emphasized during his visit and to do so, we have to expand our banking relations first."

"Since the implementation of JCPOA, the members of P5+1 have focused on increasing economic ties with Iran and tend to utilize its investment capacities in order to be present in the regional market. However, the US government, being deprived of the profits of expansion of economic ties with Iran, always tries to interfere and impedes them", said Seif criticizing US for its inconsistent and unreliable behavior.

He continued:"Among P5+1, China has the most ties with us and is well familiar with Iranian market."

"A representative office located in Iran can gather detailed and accurate information on possible risks in Iranian economy and market." Seif said regarding the important role of representative offices in Iran.

CBI Governor pointed to Iran's incoming foreign currencies and said: "Given the fact that we avoid US Dollar in our international transactions with China or other countries, we use the currency of the country to which our oil as well as non-oil products are exported. We receive the surplus in a third currency which is usually Euro."

Dr. Seif believes that financial support of active Chinese companies in Iran depends on appropriate correspondence relations." In order to start our co operation with the Bank of China, I suggest that the central and state-owned banks of Iran open their own correspondence accounts in Bank of China" Seif added.

"Iran is a big and well populated country with a powerful economy"

Also, in this meeting Chen Siqing, President of the Bank of China emphasized that the expansion of financial ties was the goal of his visit and added:"By opening a representative office in Iran, we intend to increase co operations; therefore inaugurating a branch will be the next step. "

He conveyed his gratitude for the CBI support of opening a representative office by the Bank of China and said:"Correspondence relations are the prelude to inauguration of Branches. In this regard, compliance with international standards is a priority."

Bank of China was formally established in February 1912 and with a capital of more than 18 trillion Chinese Yuan has the most international ties among the four largest banks in China.

Currently, Japanese, Korean, Indian, Chinese and some European Banks have opened their representative offices and branches in Iran.

Source: Central Bank of the Islamic Republic of Iran


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