Meeting his Azerbaijani counterpart, the Governor of Central Bank of Iran called for establishing a joint monetary and banking committee of the two central banks in order to accelerate the development of banking ties and achieve further agreements.

 According to CBI PR dept, Valiollah Seif pointed out the immense capacities between Iran and Azerbaijan particularly regarding both central banks and said: “in the current situation and due to the favorable atmosphere after implementation of JCPOA, appropriate conditions have been reached to strengthen the banking relations and we hope today's meeting will provide an opportunity for deepening banking ties between the two countries.
 “Establishment of a joint committee of monetary and banking systems of the central banks of the two countries, proposed earlier, could help the mutual issues of the two countries to be resolved while the committee could report the results to the central banks governors of the two countries by holding regular meetings and adopting appropriate decisions.”, said Seif referring to his previous meeting with the governor of the central bank of Azerbaijan.
 

 “To conduct or reach correspondent relations it is proposed that we establish joint banks in Iran and Azerbaijan and provide possibilities to open bank branches in the territories of the parties.” He added.
Seif asked for achieving more agreements on joint issues through engagement of active banks of the two countries and added:“A joint account may be opened in the central banks of both countries in order to facilitate bilateral commercial relations. Business trade including import and export will be centralized in this account and the cash clearance could be achieved on a regular basis.
 “Business (commercial) ties between the two countries through banking intermediaries will be more reliable than through exchange offices. For a sustained increase in trade volume, it is essential to select more secure and safer ways for development of new ties between the two countries. I propose joint banks to be established with the contribution of the two countries.”, said the governor of central bank of Iran, re-insisting on commercial capacities between the two countries.
 

Seif also proposed the technical exchange of experience in banking issues and said: “technical co-operations between central banks of the two countries and utilization of experiences of both sides should be considered.“
In this meeting Elman Rustamov, Governor of central bank of Azerbaijan expressed his pleasure due to presence in Iran and said:”I consider the idea of opening an independent bank positively and in this regard the proposed joint committee will peruse executive solutions. “
 “Development of banking and economic relations is the main purpose of my attendance in Iran and the next step is to open Azerbaijani bank branches in Iran and we welcome the proposition of opening a joint account via the international bank of Azerbaijan.” He added.
In this meeting, the governor of central bank of Azerbaijan considered technical cooperation as a top priority in this country and said:”Iran and Azerbaijan have both oil-based economies and both sides could exchange their ideas and experiences and achieve positive results.”
Elman Rustamov, the governor of central bank of Azerbaijan, traveled to Iran following an official invitation of his Iranian counterpart, Valiollah Seif.