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TEHRAN, September 8 - Iran and South Korea inked a pact on boosting bilateral banking interactions.
TEHRAN, Young Journalists Club (YJC) - The agreement forecasts developing non-dollar trade between Tehran and Seoul.
The deal was inked by Ha Yung-ku, chairman of the Korea Federation of Banks (KFB), and Kourosh Parvizian, head of Iran's Association of Private Banks (IAPB).
Based on the agreement, the two countries should share banking information, provide importers and exporters with banking assistance, and conduct exchanges of financial training.
A delegation of Iranian bankers led by Parvizian is in Seoul.
Senior officials from other Iranian banks including Bank Pasargad, Bank Parisan, Middle East Bank, Shahr Bank, Bank Dey and Mellat Bank are accompanying him in the visit.
During the visit, the Iranian bankers asked for boosting euro-based trade between the two countries hailed by South Korean bankers.
In late August, Iran secured an €8-billion credit line from South Korea's Eximbank – what was seen as the country’s biggest loan deal since the removal of sanctions against it in early 2016.
Accordingly, officials in Seoul said the deal would finance projects in Iran by companies from South Korea.
Officials in Tehran have been lately speaking in favor of measures to reduce the country’s reliance on the dollar as a move that they say would make the Islamic Republic immune to US pressures at times of political conflicts.
Iran has been to the same effect discussing trading in non-dollar currencies such as the euro as well as the mutual national currencies with several countries including Russia, India, Turkey and China.
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