Asian tiger on the way to Iran

Iran and Singapore economic activists and businessmen require various services, such as issuance of letters of credit and bank guarantees to avoid any potential risk in their commercial activities so as to take advantage of banking services and settle deals, according to the CBI governor Dr. Seif.

CBI- Iran and Singapore economic activists and businessmen require various services, such as issuance of letters of credit and bank guarantees to avoid any potential risk in their commercial activities so as to take advantage of banking services and settle deals, according to the CBI governor Dr. Seif.

In order to expand banking cooperation between the two nations, Dr. Seif and his accompanying delegation met Ravi Menon, Managing Director of MAS. During this meeting the CBI governor referred to negotiations on the establishment of correspondent relations with various international banks and said that Iran is well-prepared to embark banking ties between Iran and Singapore.

Head of the Money and Credit Council emphasized that the Iranian banking system is moving towards international standards and said: "the Iranian banking system has taken numerous steps towards transparency of financial statements. The Iranian banking system implements enactments of the Islamic Parliament of Iran in the fields of anti-money laundering and combating the financing of terrorism. In this way, the Central Bank of Iran has supervised the implementation of these acts."

"Iran's international banking activities are in total compliance with international standards. Our banking system is up to date and progressive. Unfortunately, lack of knowledge about the status and performance of the Iranian banks always raises concerns about possible risks. But these concerns can be resolved through constructive cooperation between the two countries." He continued.

Managing Directors of MAS said that Singapore only recognizes UN resolutions about Iran as binding and declared: "Other sanctions, such those held by the OFAC are not applied and this issue has also been informed to the Singapore banking system."

Also during this meeting, Ravi Menon expressed his willingness for holding further meetings between the banking systems of the two nations to remove ambiguities and expand banking ties.

To deepen and expand banking cooperation between the two nations, Dr seif met the Association of Banks in Singapore (ABS). This meeting was attended by senior officials from main Singapore banks including DBS, ICBC, BTMU and UOB. During this meeting the governor of central bank of Iran gave a description of the achievements made in post JCPOA era and said: "With regard to developments in JCPOA era and the vast economic cooperation capacity between our countries, Iran and Singapore should take advantage of current conditions. It is necessary to expand collaborations in order to develop commercial cooperation between Iran and Singapore."

It was also suggested that the banking community of Singapore pay a visit to Iran and know the activities of Iranian banking system.

Head of Money and Credit Council referred to re-exportation policy of the United Arab Emirates economy in the Middle East and said: "UAE's economic system was formed based on re-exportation of commodities and services in the Middle East. On this basis, it is recommended that Singapore, with the aim of creating added value in the economy, take an active role in this field. "

During his stay in Singapore, the Governor of the Central Bank of I.R.Iran also met Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social policies.

Prior to this, a delegation from DBS Bank visited Iran to facilitate bilateral trade relations between the two nations.  In that visit, the DBS bank delegation opened different accounts for CBI and the Iranian banking system.

Oct 29, 2016
CBI |