Iran hails improving banking ties with UK

IRNA – Improving banking relations with UK is one of the most important means to develop relations with that country, Director of Europe and Americas Department at the Trade Promotion Organization of Iran said.

Elaborating on Secretary of State for Foreign Affairs Boris Johnson’s upcoming tour to Iran, Behrouz Hassan Olfat said, ‘This is a political trip and the coordination has been done by the Iranian foreign ministry.”

“The exports and imports volume between Iran and UK was $40m and $366m, respectively, in Iranian calendar year 1395 (March 20, 2016-March 19, 2017) and the figure was $29m and $536m during the first 7 months of the current Iranian calendar year (ended on March 20, 2018),” he added.

Olfat went on to say that the balance of trade between Iran and the UK improved from -376 to -326 in one year.

He pointed to new energies and power stations as other issues which are important for both countries’ cooperation.

“Two or three Iranian banks are now active in the UK, but there are still some limitations for these banks since they are working under the UK regulations,” he said.

“Iran and the UK have cooperation in petrochemical, oil and gas, communication, selling and repairing airplane engine, developing Tehran’s Imam Khomeini International Airport, building hospital, producing drugs and serum and wind turbine,” Hassan Olfat said.