Iran is planning to sell some of its shares in the Iran-Venezuela Bi-National Bank, as the two countries has no commercial relations at the moment, said Davoud Banaei, the bank�s CEO.

�The long geographical distance between the two countries along with Venezuela�s monetary regulations increases the cost of transactions,� he was quoted as saying by Fars News Agency on Teusday.

The official also noted that Iran has received proposals from China and Turkey for buying the shares, which are being reviewed. IVBB�s capital amounts to 5 trillion rials ($157 million), Banaei said adding that the bank has no bad debts.

Established in 2010, the bank aimed to boost commercial relations and investments between Iran, Venezuela and Latin America.