Iran approves setting up joint bank with Syria

QAMISHLI, Syria (North Press) – The Central Bank of Iran (CBI) approved the establishment of a joint bank with Syria, Iranian news agency said on Sunday.

Islamic Republic News Agency (IRNA), the official state-run news agency of Iran, reported citing Ali Asghar Zebardast, Vice chairman of the Iran-Syria Joint Chamber of Commerce, that the governments of Syria and Iran would carry out the agreements with the support of the private sector.

This came during the Conference of Introducing Opportunities of Entering the Syrian Market in Tehran with Shafiq Dayoub, Syrian Ambassador to Iran, in attendance along with several economic activists from both countries.

Zebardast said that CBI issued the license for setting up the bank, expressing hopes the agreements would be implemented soon. He called on Syrian officials to cooperate to eliminate obstacles in the face of trade between Iran and Syria.

He stressed they should further utilize the capabilities of the private sector in order to develop economic ties.

Syria’s annual import value is approximately $5 billion, while the value of trade between Iran and Syria is between $250 million and $270 million, according to Zebardast.

By Stella Youssef