Money Transfer Gets Easier for Iranian Companies
Money Transfer Gets Easier for Iranian Companies
The transfer of money in foreign currencies has got easier for Iranian companies as domestic banks are being connected with global banks.
Since sanctions against Iran were lifted back in January 2016, the Central Bank of Iran has been trying to help domestic banks rejoin the international banking system. The efforts resulted last week, enabling 14 Iranian banks to use an Austrian bank for their overseas operations.
“Companies that export products and services can easily use the new system, which is set to connect the 14 Iranian banks with Austria’s Uber Bank,” said Behzad Golkar, CEO of Raha Global Financial Group.
Iranian companies have so far used the foreign exchange shops or limited services provided by a few banks, including Bank Melli, to transfer money abroad, he noted.
However, he said, the Austrian bank agreed last week to manage all overseas banking operations pertaining to the Iranian companies using the euro.
The achievement will have a great impact on the national economy as Iranian companies will also be able to access international financing, the expert added.
The Austrian bank plays a custodian role for Iranian companies listed on the stock market, he said, adding that the bank will also manage KYC and AML risks associated with the Iranian party.
Edited by Ariasun editorial board
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