09 August 2016
Baku – Central Banks of I.R Iran and Republic of Azerbaijan reached agreement on expansion of trade and economic ties by paving the way for establishment of banking correspondence relations between Azerbaijani and Iranian Banks.
According to CBI PR dept, on the sideline of Iranian president trip to Baku, both central bankers emphasized the necessity to utilize national interbank switches and assented to the integration of POS systems to facilitate trade and tourism. Consequently, the first specialized meeting will be held in less than a fortnight by relevant subsidiary departments to prepare the necessary arrangements.
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As stated in the inked MoU, both parties concurred in formation of joint monetary and banking committee and opening special accounts in central banks in other party's name in order to expedite banking transactions.
It should be noted that under this MoU, CBs will evaluate the conditions for granting license to open bank branches in both territories and also, exchange technical and banking services to conform their national banking activities to the latest global procedures and standards.
This Memorandum of Understanding was signed following the previous meeting of CB governors, Valiollah Seif and Elman Rustamov on the 16th of May in Tehran.