Karafarin Bank offers services to merchants operating in Africa

In spite of the international sanctions enforced against Iran, Karafarin Bank remains to be a leading Iranian bank in offering all sorts of international banking and forex services to exporters and importers.

“Issuing letters of guarantee upon the request of Iranian applicants in favour of African clients (beneficiaries), and forwarding these L/Gs to them via correspondent banks in Africa, are amongst the many services provided by Karafarin Bank”, stated Mr. Hasanali Hosseini, the foreign currency manager of Karafarin Bank at a conference on trade, investment and economic cooperation between Iran and Africa. This conference was attended by the delegates of ambassadors and African business advisors countries and also members of Iran-Africa Chamber of Commerce, Public Relations reported.
He also stated “Karafarin Bank is ready to provide foreign currencies for importers at favourable exchange rates through the Nima System, to issue payment orders of its customers to accounts of beneficiaries in different countries (under precise and systematic security checks), to purchase foreign currency revenues of exporters, and to supply USD and EUR bank notes to exporters.”
“Should international sanctions lifted, Karafarin Bank will be able to further develop its correspondent relations, to issue foreign currency letters of guarantee in favour of agents and letters of guarantee in favour of African clients (in the Technical & Engineering Services Export Sector).” He continued.

He finally concluded by stating: “Some of the services that Karafarin Bank can offer in this regard include: granting foreign currency loans to Iranian exporters of goods and services to Africa, opening letters of credit, accepting export letters of credit, opening documentary collections, issuing foreign currency payment orders, transferring foreign currency, as well as covering the risk of export products by insuring them through the Karafarin Insurance Company.”

Publish Date: Jun 29, 2022