Iran Ready to Boost Banking Ties with Singapore: CBI Chief

Valiollah Seif

Governor of Central Bank of Iran (CBI) Valiollah Seif, who is on an official visit to Singapore, voiced the Islamic Republic’s readiness to boost banking cooperation with the Southeast Asian country.

Speaking in a meeting with Managing Director of Monetary Authority of Singapore (MAS) Ravi Menon in Kuala Lumpur on Tuesday, Seif highlighted the previous talks about the establishment of correspondent banking relationships with various international banks and said the CBI is fully prepared to support efforts to boost cooperation between Iranian and Singaporean banks.

He regretted that international banks’ lack of knowledge about Iranian banks’ activities has caused some unfounded concerns about the risk of relations with Iran’s banking network.

The officials further emphasized that the CBI and MAS can constructively interact in order to remove those concerns.

Menon, for his part, called for closer banking cooperation between Iran and Singapore and said his country only abides by the United Nations’ resolutions not any other sanctions like those imposed by the US Treasury Department.

While the JCPOA, a 159-page nuclear agreement between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), came into force in January and terminated all nuclear-related sanctions imposed on Iran, some Iranian officials complain about the US failure to fully implement the accord, as the country still has problems in its banking transactions with other countries.

Back in March, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei said Americans have yet to fulfill what they were supposed to do as per the nuclear deal.

Iran still has problems in its banking transactions or in restoring its frozen assets, because Western countries and those involved in such processes are afraid of Americans, the Leader said at the time, criticizing the US for its moves to prevent Iran from taking advantage of the sanctions removal.

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