TEHRAN (CBI PR dept) - Akbar Komijani, the Deputy Governor of Central Bank of Iran announced Middle East Bank and Sina Bank will open Branches in Munich and added: "Currently Central Bank of Iran is focused on expansion of our correspondence network.  Accordingly branches of Middle East Bank and Sina Bank will be opened in Munich, Germany".

"During the few months after the implementation of JCPOA, we have held multiple meetings with different delegations, but now it is time to act. Central Bank of Iran together with other commercial institutes are ready to utilize the provided opportunity and embark on a new chapter in trade relations." Komijani said in his meeting with Ilse Aigner, Bavarian Deputy President and
Minister for Economic Affairs, Media, Energy and Technology.
Komijani referred to historic relations between the two nations and noted:" Iran-Germany relations were not ceased even by the sanctions and we always count on Germany as one of our biggest political and economical partners. Unfortunately, sanctions limited these relations which we hope to mend".
He mentioned the 11^th government's achievements in macro economical variables and added:" the present government was able to reach its designated sociological, political and economical goals through a set of reform policies in just three years. In this regard, development of Iran-Germany political ties is a valuable achievement of which we should take advantage to maintain and expand trade relations."
He went on to say that the adoption of calculated and applicable economic policies by the 11^th Iranian government led to a 3 percent growth in 2014. Even though the reduction of crude oil revenues in 2015 reduced growth rate, according to the latest data, in the past spring we reached a 4.4 percent growth rate.
"During this Government's early days, point to point inflation rate was about 45 percent but now, after only three years, it moved toward a single digit rate. Also along with containment of inflation, we witness stability in foreign exchange rates; therefore we are even more prepared to unify foreign exchange rates" said the Deputy Governor of the Central Bank of Iran.

Hermes Installments are paid in full
In this meeting, Kamiab, CBI vice governor of Foreign Exchange Affairs said:"All installments to Euler Hermes Company are paid and at the moment, all banks pay their due installments right on time under CBI supervision."
Kamiab referred to Iran's credit ranking in EU Organization for Economic Co-operation and Development (OECD) and added:"Iran's credit rank has recently been upgraded from 7 to 6 by OECD indexes and we hope that it rises back to 4, which was the previous state before the sanctions. In this regard, Germany's assistance is appreciated and it will definitely help to restore our nations' collaboration."
He also mentioned the settlement of crude oil revenues and said: "With Deutsche Bundesbank's support, revenues from oil export to Europe are getting settled in Euro. We also started negotiations with EIH Bank over banking and correspondent relations. Besides, branches of the Iranian Bank Melli and Bank Sepah are active in Germany and connected to TARGET II system."
"After JCPOA, Iranian banking network established more than 500 accounts and correspondence relations with 220 banks all over the world. In this regard, CBI needs to develop its international ties in order to be able to play its role which includes reserve and treasury management tasks." Said Kamiab, referring to JCPOA as the key to expansion of global trade and banking ties.
Kamiab emphasized the compliance of Iran domestic banking regulations with global standards and added:"AML law has been ratified in Iranian parliament more than 8 years ago and Financial Intelligence Units (FIU) are active to supervise its implementation. moreover, the parliament ratified CFT law 6 month ago and by cooperating with the Ministry of Economic Affairs and Finance, we presented our advances in these fields to Financial Action Task Force (FATF) and recently they suspended boycotts against Iranian banking system."

Also in this Meeting, Bavarian Deputy President and Minister for Economic Affairs, Media, Energy and Technology said:"Fortunately, nowadays we can witness growth in our trade, economic and banking ties. Bayern Economic Union opened office in Tehran and big companies like Siemens along with small and medium industrial machinery manufacturing businesses tend to utilize this opportunity."
"The major issue for development of our trade relations is banking transactions which need to be mended to reduce costs and complications. Settling with Hermes was a great achievement in this regard." Eigner added.