Iranian banks heading for South Africa

IRNA- Governor of Central Bank of Iran Valliollah Seif said that the Iranian and South African central banks have prepared a memorandum of understanding (MoU) to boost Tehran-Pretoria banking relations and hoped that the document will be finalized during a visit to south Africa by President Hassan Rouhani.

Seif made the remarks in a meeting on Monday with visiting Speaker of the National Assembly of South Africa Baleka Mbete and her entourage.

He referred to the history of the two countries’ banking relations, saying that no serious obstacle exists in the way of boosting Tehran-Pretoria banking relations.

Noting that establishing brokerage relations between the two countries’ banks is the prerequisite to promoting trade and economic ties, Seif hoped that banking MoU between the Iranian and South African central banks would be inked during Rouhani’s trip to Pretoria this year later this year.

Opening joint bank accounts between the two capitals' central banks to facilitate their commercial exchanges is one of the articles of the draft agreement, Seif said.

Seif further pointed to the Iranian banking delegations' recent visit to South Africa and said that currently, the Iranian banks have no problem for establishing forging brokerage ties with their South African counterparts.

Mbete, for her part, welcomed bolstering of trade interactions between Iran and South Africa, saying that that her visit to Tehran was mostly aimed at identifying obstacles in the way of bilateral economic ties and preparing the ground for removing those obstacles.

Expressing pleasure over lifting of Iran’s nuclear sanctions, she described the historic nuclear deal also known as the Joint Comprehensive Plan of Action (JCPOA), as a good opportunity for further development of economic and banking relations between Iran and South Africa.