TEHRAN, Dec. 08 (Shana) – Managing-Director of Iran's Tose-e Saderat (Exports Development) Bank Ali Saleh Abadi voiced his bank's readiness to cooperate with export-import banks by opening letters of credit (LC).

Addressing an assembly of exim financial institutions in Japan, Saleh Abadi said the bank is ready to issue mutual guarantees and LCs required for financing projects with the aim of offering diverse banking services and intensifying its role in development of Iran's non-oil exports.

Oil revenues constitute a majority of Iran's annual income and the country has serious plans to wean its economy off petrodollars. The country has also introduced the economy of resistance in this regard.

By SHANA