Germany to Set Up Bank in Iran: Official

Germany to Set Up Bank in Iran: Official

TEHRAN (Tasnim) – Central Bank of Iran (CBI) Chief Valiollah Seif announced that in a recent visit by a high-ranking German delegation to Tehran, it was agreed that the Western European country establish a bank in Iran.

In a meeting with representatives of Tehran Chamber of Commerce, Industries, Mines and Agriculture on Monday, Seif said that there is no restriction for foreign banks to establish financial institutions in Iran.

"According to the regulations of free trade zones, foreign investors can establish new banks or bank branches in the areas," he said.

Seif further pointed to his recent meeting with the German economic delegation, saying it was decided in the meeting that the Germans launch a bank in Iran.

Back on July 19, a 100-strong German delegation, headed by Vice-Chancellor and Minister for Economic Affairs and Energy Sigmar Gabriel, arrived in Tehran to meet with top Iranian officials and hold talks on ways to boost economic ties.

In a meeting between Gabriel and Iranian President Hassan Rouhani on July 20, Gabriel referred to the numerous representatives of German trade giants accompanying him in the trip to Iran, saying, "Germany's trade community is willing to return to Iran and have cooperation with Iranian partners."

The visit came days after Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 reached a conclusion over the text of a comprehensive 159-page deal on Tehran's nuclear energy program.

The comprehensive nuclear deal between Iran and the six powers would terminate all nuclear-related sanctions imposed on Iran after coming into force.

Experts believe that Iran's economic growth would rise remarkably after the final nuclear deal takes effect.

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