Oman to become a re-export hub / Iran and Oman expand banking relationships

TEHRAN (CBI PR dept) - Considering the capacity of the banking system as well as strong political and economic ties, Oman can be the re-export hub and the centre for international banking relations for Iran.

In his meeting with the foreign Minister and Vice-President of the Council of Governors of the Central Bank of Oman, Valiollah Seif noted that political relations between two countries are very deep and long, and economic relations are expected to expand and deepen along with political relations.

“The prerequisite for economic relations is the creation of banking connections and this should be prioritized. Regarding the capacity of the region we can play a more active role in the markets of the countries in Central Asia and the Persian Gulf region with extensive cooperation”. He said.

Seif mentioned the economic capacities in the region and said:” We can actively use the market of more than 400 million people, In addition, Oman has a good capacity to become a re-export hub while banks are playing an effective role”.

The Chairman of the monetary and credit council expressed his satisfaction with accepting Iranian bank guarantees for Iranian investors in Oman and said: “The recent steps taken by Omani banks to accept Iranian bank guarantees have had positive effects on establishment of bilateral banking relations. We hope that such partnerships, which will pave the way for the expansion of banking relationships, will be taken into consideration more and more. Meanwhile, the Central Bank of Iran has provided the basis for foreign investment in the country by facilitating the terms and conditions in bank regulations and we hope the Central Bank of Oman will also have the necessary accompaniment.”

The CBI Governor  referred to the support of the Central Bank of Oman in the expansion of banking relationships and said: “Oman Central Bank's support for banking relations with Iran is evident and current achievements are due to the Oman Central Bank's cooperation and support. Of course, there are currently many unused capacities for the development of relations, which require compiled planning and joint meetings.”

Referring to the formation of a Joint Banking Committee Seif said: “This banking committee can be a major step forward in expanding banking relationships, identifying obstacles and exploring appropriate strategies.”

“Iran is ready to connect the bank card switches of the two countries and prepare the grounds for offering services to the tourists of both countries.” The governor announced.

Seif welcomed the establishment of branches of the two countries' banks in the territories of the parties and said: “Central Bank of Iran welcomes the presence of Omani banks in Iran, And in return Iranian commercial banks are also keen on presence in Oman to provide services to economic activists and tourists.”

“Oman's Muscat Bank has a representative office in Tehran and CBI welcomes its potential transformation into a full branch.” He added.

Reaching a currency swap agreement was one of the other initiatives proposed by Seif.

In this meeting, Yusuf bin Alawi, the Foreign Minister of Oman welcomed the expansion of economic and banking ties, and referred to the formation of a joint banking committee as a good idea, but emphasised that the representatives of the central banks of both countries must be among the members.

Sultan bin Salim Al Habsi, The deputy chairman of the Central Bank of Oman supported expansion of investment cooperation between Iran and Oman, and said he expected the central banks of both nations to ease regulations for  investments.

Habsi called for holding regular banking committee meetings to strike more agreements and find better and more practical solutions for banking problems related to Iran and Oman.


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