New Zealand to Develop Stronger Banking Ties with Iran



TEHRAN (CBI PR dept) – New Zealand Foreign Affairs and Trade Minister affirms that New Zealand Expo Credit Office (NZECO) recognizes Iran as a trade partner which verifies New Zealand's commitment to develop its ties with Iran."Since sanctions on Iran were lifted, our government has focused on expanding and facilitating trade relations with Iran," Todd McClay said.

During the Saturday meeting with New Zealander Foreign Affairs and Trade Minister, CBI Governor pointed to the ties with New Zealand before the sanctions and said:"Formerly, six banks from New Zealand had been able to form proper correspondent relationships with Iran; they can acknowledge the clarity in Iranian banking operations."

"Despite Iranian trade embargo in the past years, Central Bank of Iran has succeeded to lead the banking system through changes in international standards and regulations. For instance we saw through the ratification of CFT and AML laws in parliament to further conform to international regulations. Also last year we declared IFRS standards to the banking system for the first time in Iran." Seif added.
According to CBI Governor, the supervisory role of the Central Bank has been fortified and today Iranian banks are bound to comply with new changes.
"After the suspension of sanctions, through multiple consecutive sessions we have gradually succeeded to form correspondent relationships with various banks from European countries, e.g. France, Switzerland, Germany, Holland, Austria and Italy." noted the Iranian central banker regarding expansion of banking ties after JCPOA.
CBI Governor proposed NZ banks begin their relations with Iranian private banks due to their well-established capacity for international relations."Also, CBI and the Reserve Bank of New Zealand can begin their own bilateral cooperation and facilitate trade settlements", he added.

Iran is the primary partner of New Zealand in the Middle East
Also in this meeting, New Zealand Trade Minister Todd McClay stressed the development of business and banking ties with Iran following the removal of sanctions in January. He said that his presence in Iran, which is the first trade mission to Iran after 12 years, shows how much his country is eager to be present in Iranian economy.

McClay pointed to the history of collaborations between Iran and New Zealand and noted:"New Zealand Embassy was established in Tehran in 1975, which makes Iran the oldest country in the Middle East to have official relations with New Zealand."
"In the Middle East, New Zealand has the highest volume of trade with Iran and when the Iranian foreign minister visited New Zealand, it was estimated that the business dealings between the two nations have the capacity to reach $1 billion", he added.
New Zealander Foreign Affairs and Trade Minister suggested that to reach this level of cooperation, banking ties must be enhanced and a good understanding must form between business sectors.
McClay also said he had relayed to New Zealand banks the benefits of being business partners with Iran in the post-sanctions era."The NZECO has already included Iran among the countries it officially does business with and this shows our government's commitment to expand ties with Iran," he added.
“Since the sanctions were suspended, many opportunities to restore business ties have been created, especially in the fields of education, construction, food, energy, forestry, production and services.”
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