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Press Release
Published May 03, 2016
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Iran, S. Korea sign deal to develop banking ties

Date: May 03, 2016
Categories: Government Finance, Markets Exchanges
Keywords: Iran, South Korea, Central Bank Of Iran, KDB

Tehran -- The Central Bank of Iran (CBI) and the Korea Development Bank (KDB) signed a memorandum of understanding to boost their banking ties, Iran's Petro Energy Information Network reported on Tuesday.

Gholamali Kamyab, CBI deputy governor for foreign exchange affairs, who signed the deal on the Iranian side, expressed hope that cooperation with the KDB will help develop trade between Tehran and Seoul.

Boosting the banking relations between the two countries is necessary for the joint investments, he said.

Iran expanded ties with east Asian countries when western countries imposed sanctions against the Islamic republic, and Tehran is committed to developing relations with them in the post-sanctions era, Kamyab said.

For his part, Lee Dong-Geon, who represented the Korean side, said that the KDB is ready to help Iran's industrial development.

On Sunday, Iranian Oil Minister Bijan Namdar Zangeneh said Iran was still facing banking difficulties for the transfer of its cash from South Korea, but that two countries are working together to solve the problem.

President Hassan Rouhani, at a meeting with his visiting South Korean counterpart, Park Geun-hye, on Monday, also pointed to the banking issues between Tehran and Seoul, saying both sides should develop banking relations as a means to expand ties and enhance trade relations to a strategic level.

Re-disseminated by The Asian Banker from Xinhua