TEHRAN (Tasnim) � Banca d�Italia, the central bank of Italy, has issued permission for Iran�s Bank Sepah to reopen its branch in Rome after a nine-year hiatus caused by the sanctions, the Iranian bank�s managing director said.

Following the termination of the sanctions that the UN had imposed on Iran in 2007, Bank Sepah has been given permission by Italy�s central bank to resume activities via its Rome branch, Mohammad Kazem Chaghazardi said.

In its letter, Banca d�Italia has cited a resolution by the Council of the European Union on the lifting of anti-Iran sanctions, allowing Bank Sepah to resume activities in Italy, he added.

Chaghazardi said the development enables Bank Sepah to offer its customers a range of services, such as opening letters of credit (LCs).

Reopening of Bank Sepah�s Rome branch follows the termination of the sanctions under the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

By Tasnim News Agency