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US JCPOA withdrawal not to affect Iran banking ties

IRNA - Islamic Republic News Agency

Tehran, May 7, IRNA -- US abandonment of the Iran nuclear deal will cause no problem in Iran banking relations, as there has been no significant cooperation between Iran and world big banks in the post-JCPOA era, an Iranian bank official said.

Speaking to the Islamic Republic News Agency (IRNA) on Monday, Head of Iran governmental banks coordination council Mohammad Reza Hosseinzadeh said due to their huge trade transactions in US markets, big banks did not have any cooperation with Iranian banks during the past two and a half years.

Referring to the fact that Iran brokerage ties with foreign banks have reached to about 280 banks, Hosseinzadeh said most of the banks that has now relations with Iran maintain little ties with the United States.

Opening letter of credit (LC) is underway in Iranian banking system and 10,000 SWIFT messages and banking remittances are being transacted between Iran and its trade partners, he added.

Commenting on a question regarding Iran's policies toward promoting trade relations with Muscat and Doha, Hosseinzadeh said Iran's Bank Melli branch is going to increase its activities in Muscat.
Iran's Bank Saderat is also active in Doha, Qatar for covering currency and trade needs and the bank, if necessary, will also open a branch in the Persian Gulf littoral state, he said.

Meantime, the Iranian bank official referred to Bank Melli branches in Hamburg, Paris and London and said all these branches have been upgraded based on newest banking regulations, including those related to money laundering.

The US administration has done a great deal during past year to kill the Iran nuclear deal.

Trump is expected to announce his decision regarding suspending sanctions against Iran and continuing the implementation of the JCPOA on May 12.

The International Atomic Energy Agency (IAEA) has already confirmed ten times Iran's commitment to the landmark July 2015 international deal.

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