First Iranian bank to open in Syria to boost trade, cooperation

DAMASCUS, Syria (North Press) – The Governor of the Central Bank of Iran, Muhammad Reza Farzin, announced on Wednesday that the first Iranian bank in Syria will soon start operating.

In early May, Iranian President Ebrahim Raisi visited Damascus and reaffirmed with his Syrian counterpart, Bashar al-Assad, developing trade and economic relations, as well as enhancing cooperation regarding the reconstruction phase after 12 years of war.

The Iranian news agency IRNA reported that during a meeting between Farzin and his Syrian counterpart, Muhammad Hazim, the former stated that Tehran and Damascus are interested in enhancing banking, commercial, and joint investment relations.

Farzin stressed the necessity of developing monetary and banking cooperation between Iran and Syria, as well as addressing banking transaction issues for traders in both countries.

He highlighted the progress of electronic banking services and card networks in Iran, along with the Central Bank’s readiness for mutual cooperation in this field with Syria.

The Iranian official further explained that one of Iran’s important strategies for expanding trade cooperation with neighboring countries is the use of national currencies in monetary transactions, in addition to increasing the volume of trade and economic exchanges.

By Muhammad al-Qadi