The governors of the Central Bank of the Islamic Republic of Iran and the National Bank of the Republic of Kazakhstan signed a Memorandum of Understanding on expansion of ties between Iran and Kazakhstani banks, and examined various fields of developing banking collaborations during the President of Kazakhstan’s visit to Iran.

According to CBI Public Relations, this MoU includes the extent of co operations between the two supervisory and regulatory authorities, contribution in exchange of supervisory information, financial disputes settlements and required consequent amendments.
The signing of this MoU is considered to be one of the most important preconditions for the both countries to initiate offshore banking operations.

"Fortunately, the volume of trade between the two countries is significant and such capacities are needed to be utilized to expand banking relations further, besides, , the Central Bank of Iran was engaged in correspondence with the National Bank of Kazakhstan in the past, thus, now it is the right time to implement this agreement." Said Valiollah Seif, governor of CBI, expressing his willingness about deployment of a delegation of Kazakhstani banks to Iran in order to exchange experiences and explore ways to expand correspondent banking relations with Iran.

"Iranian government and the President exclusively emphasize developing relations with neighbors and accordingly the central banks of the two countries can pave the way to expand banking relationships and provide correspondence and fortunately, due to the lifting of international sanctions against Iran, the current situation grants an opportunity to start continuous co operations and exercise reciprocal experiences" He added pointing to the signing of the agreement.

The governor of CBI expressed his interest in establishment of bank branches in the territories of each country, and hoped the possibility of this task would bring the two countries together and enhance banking ties.
Daniyar Akishev, the governor of the National Bank of Kazakhstan, welcomed proposals of the Iranian side and said: "We shared our good practices in the field of banking supervision and the signed MoU will strengthen our supervisory performance."
"Kazakhstani banks are ready to further co operations with Iranian banks and will receive any request of Iranian banks to establish representative offices in Kazakhstan." He added, regarding the deployment of Kazakhstani Banking Delegation to Iran to inspect the monitoring and regulatory topics.