European Banks are reluctant to restore their relations with Iran because they are not properly informed that the conditions of cooperation with Iran are mentioned clearly in JCPOA and OFAC guidelines and there are no boundaries for developing ties with Iran.

Valiollah Seif asserted this comment in a meeting with the President of the Cypriot House of Representatives, Demetris Syllouris and added, "Iran has long-established ties with Cyprus. We need to fully exploit the given opportunity to expand them now that both Iranian and Cypriot Banks are eager."

He went on to explain the circumstances in Iran since the implementation of JCPOA. "During the past three years, Iranian economy was restricted in its international ties and oil trades. But despite all complications and also the recent drop in oil prices and severe economic shock, the overall economic situation improved through careful planning and the inflation rate fell below 10 percent and was brought under control."
He continued:"Since the implementation day of JCPOA, this economic recovery has been pursued until we achieved a single digit inflation rate." According to Seif, despite the stagnation, Iran's economic growth was 5.4 percent for the first quarter of this year.
He pointed to severe fluctuations of forex rates during the previous administration and said:"With CBI's precise planning and monetary discipline, we have brought stability and balance back to this market and currently, economic activists can rely on the logical and predictable trend of foreign exchange rates in Iran and invest in various sectors of economy."
"Since the implementation day of JCPOA, the necessary conditions have been provided for international economic co operations, but international banks are still reluctant to restore relations because of US penalties that sometimes are not even related to Iran", said Seif criticizing unreliable behavior of the United States. "In February and also in June, CBI sought to clear these ambiguities by starting negotiations with European banks. Consequently, various European and Asian banks such as CBs of Germany, Italy, Austria, Netherlands, India, China, Korea and Turkey have started befitting relations with us. Currently and after the recent statement of OFAC, there are no obstacles left to expand economic ties with Iran," he added.
CBI Governor also announced that a committee of European, OFAC and Iranian representatives supervises the exact implementation of the nuclear accord. "Also, I personally pursued effective execution of the nuclear accord when I met Mario Draghi, ECB Governor, and Jack Lew, US treasury secretary," he added.
Regarding arrear settlement with European trade credit insurance companies, CBI Governor said: "Shortly after the implementation of JCPOA, we commenced negotiations with trade credit insurance institutions to settle our arrears which were interrupted due to lack of proper communication channels. This demonstrates that Iranian banks are committed to their European counterparts without any misconduct.
Seif pointed to investment conditions in Iranian banking system and noted that international banks can present their application for inaugurating branches or rep offices to the Central Bank of Iran." Foreign investors can own up to 40 percent of banks shares in the mainland. But there are no limitations in the free trade zones and 100 percent of banks and credit institutions’ shares can be owned by foreigners."

Regarding past mutual collaboration between the two countries, the Head of Iranian Money and Credit Council said: "Iranian banks were able to form correspondence relations with Cypriot banks which were ceased due to the sanctions. After JCPOA, we commenced talks over restoring these relations."
"Restoring these relations is the prerequisite for economic expansion. I suggest that a delegation of Cypriot banks travel here to begin negotiations over the removal of obstacles on the way of developing correspondence ties," he added. "Moreover, in order to ease settlements and payments, Cypriot central and big banks can open accounts in their Iranian counterparts or vice versa."
In this meeting Demetris Syllouris, Head of the Cypriot House of Representatives, referred to Iranian nuclear accord as a great accomplishment for Iran and hoped for constant and profitable meetings in future.