Swedish participation in the modernization of Iranian transportation fleet extends trade and banking ties

TEHRAN (CBI PR dept.) - “The participation of Sweden in renovating Iran’s transportation fleet will pave the way for expansion of business and banking cooperation between the two countries.” said the governor of the central bank of Iran, Valiollah Seif meeting his Swedish counterpart Stefan Ingves.

Modernization and development of Iran's transportation fleet will have the potential for €5 billion investment in the next three years and if the project is funded by the Swedish side, the banking correspondence will also be resumed while expanding bilateral commercial cooperation”, said the governor. 

Seif also noted that one of the most important goals of the Central Bank was to convert frozen bank assets to current assets.
 

In the meeting, describing the economic achievements of Iran over the past few years and predicting 4 percent economic growth for Iran this year, the governor of the central bank said: "The reform of the banking system of Iran is on the agenda of the Central Bank and appropriate measures in this regard have been taken which will be further pursued in the future.”

Expressing the efforts made to update the Iranian bank operations, he added: "Fortunately, the operations of Iranian banks comply with the new International Financial Reporting Standards (IFRS)as well as AML/ CFT regulations.”

“Due to the set of measures taken to combat money laundering and financing of terrorism, we hope that the condition of Iran will return to normal at the next FATF meeting. Also, Iran's credit risk rating (OECD) has improved and we are trying to upgrade from a rating of 5 to 4 with the continuation of the current positive trend", the governor added referring to the improvement of Iran's conditions in FATF in recent years.

He further emphasized the development of banking correspondent relations as necessary for facilitation of trade between the two countries. Seif invited the Swedish Banking Sector to expand Iran-Sweden banking cooperation through their presence in Iran and negotiations with Iranian banks.”
 

Stefan Ingves, the governor of the central bank of Sweden pointed to the positive negotiations with chief executive officers and members of the board of directors of Iran’s banking network and said: "I hope that these negotiations will ultimately lead to the strengthening of bilateral relations between the two countries.” 

“Iranian banking system is on the right path and Iranian banks have taken positive steps to comply with banking standards that I hope will also be implemented successfully”, he continued.

"Stability, economic growth and compliance with international standards are necessary for interaction with the world." He also announced the Swedish readiness to transfer knowledge and technical assistance between the central banks of the two countries. "Issues such as monetary and financial stability, the organization of work units, information and monetary policy can be discussed and exchanged”, he concluded.
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