New Chapter of Banking Ties with Turkey

Wednesday, April 18, 2018
The Board Member of Bank Melli Iran (BMI) released details of opening L/C between Iran and Turkey under the monetary– foreign currency swaps contract for the first time.

According to Public Relations Dept. of BMI, Gholamreza Panahi emphasized that this contract has been prepared by central banks of both countries initiatively and was bilaterally agreed on the way of fulfilling it.

He remarked;" this new method is based on using national currency of two countries in financial transfers and then leaving intermediate currencies out. So by reducing risks and costs, trade ties between both sides will be definitely facilitated. This is why this method can set a good example for expanding financial and business relations with other countries."

This Board Member said;" smartly entering into bilateral or multilateral monetary agreements with other countries particularly our neighbors can prohibit probable limits to a large amount. Moreover, exporters will be able to receive their proceeds in cash."

Panahi invited traders and economic activists acting in import and export market of Turkey to benefit from advantages and privileges of the mentioned contract such as deferred payment of L/Cs.

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