Brokerage between Iran-Qatar banks begins

Brokerage between Iran-Qatar banks begins
ID : N-858 Date : 2017/12/18 - 08:57

(Persia Digest) – Seven months after the start of crisis between Qatar and the Persian Gulf Arab states, a number of Iranian private banks have recently established ties with the Qatar National Bank (QNB) and opened accounts to serve Iranian and Qatari businesses.

Prior to this move, a lack of working relations between banks in Iran and Qatar was a main hurdle for Iranian exporters on the markets of Qatar. Improving banking relationships has been one of the issues discussed by the authorities in the two countries over the past seven months.

Sheikh Abdullah bin Saud al-Thani of Qatar Investment Authority has recently met with Kurosh Parvizian, Head of Private Banks and Credit Institutions of Iran, and a number of bank managers from Iran in Qatar. Representatives from the Passargard, Parsian, and Saman banks of Iran and CBI top brass were present at the meeting.

Solving the existing obstacles in transactions between the two countries was ordained here.

At the meeting, Parvizian stated: “A number of Iranian banks have recently established brokerage ties with QNB and opened accounts here. They are ready to provide services for businesses in Iran and Qatar.”

The Deputy Director of Qatar Central Bank and representatives from QNB, Al Khaliji, and Al Rayan banks, and reps of Iranian private banks and the Head of Private Banks and Credit Institutions of Iran met separately to promote banking relations between the two countries and eliminate existing restrictions.

It was suggested that trade between the two countries be carried out in regional currencies, rather than other currencies such as the euro, which was welcomed by the participants.

Both sides announced their readiness to follow up on the meeting minutes and expressed hope that import-export relations would be facilitated in the shortest period of time to reach optimal levels.

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