Joint Iran-Turkey cash cards on the way

Joint Iran-Turkey cash cards on the way
ID : N-1684 Date : 2018/04/29 - 12:17

(Persia Digest) – At a meeting with the Managing Director of Ziraat Bankası of Turkey, the Managing Director of the Melli Bank of Iran announced: “Cash cards are due to be issued for use between our two countries.”

Mohammad-Reza Hosseinzadeh added: “Large numbers of tourists travel between Iran and Turkey every year and these cards can help promote the tourism industry further.”

He reminded: “Following agreements, Melli Bank has for the first time carried out a currency swap with Turkey by opening an L/C welcomed by Iranian and Turkish businessmen.”

Managing Director and Head of the Banks Association of Turkey also said: “Using mutual bank cards can help the exchange of currency between the two countries and boost trade.”

Huseyin Aydin also emphasized on more cooperation between the banks to facilitate trade and tourism in Iran and Turkey and informed that Turkey’s Minister of Economy will travel to Iran soon.

Aydin added: “Turkey’s Minister of Economy will travel to Uzbekistan from Iran and we are also ready to work with Iranian businessmen in Uzbekistan.”

Persia Digest reports that using national currencies for trade between Tehran and Ankara was brought up nearly four years ago. More serious steps were taken during a trip by the Turkish President to Tehran in 2015 and a cross-currency swap was agreed to in 2018 and finalized by the banking officials. On 16 April 2018, the Central Bank of Iran (CBI) announced the implementation of a bilateral currency swap between Iran and Turkey with the opening of the first L/C in Melli Bank.

At the end of 2017, the Turkish Statistical Institute announced that the trade volume between the two countries had reached USD 10BM and 700 million.

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