Germany to set up Bank in Iran: Official

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According to the regulations of free trade zones, foreign investors can establish new banks or bank branches in these zones, Seif said.

Central Bank of Iran (CBI) Governor Valiollah Seif announced that in a recent visit by a high-ranking German delegation to Tehran, it was agreed that Germany establish a bank in Iran.

In a meeting with representatives of Tehran Chamber of Commerce, Industries, Mines and Agriculture on Monday, Seif said that there is no restriction for foreign banks to establish financial institutions in Iran.

“According to the regulations of free trade zones, foreign investors can establish new banks or bank branches in these zones,” he said.

Seif further pointed to his recent meeting with the German economic delegation, saying it was decided in the meeting that the Germans launch a bank in Iran.

Back on July 19, a 100-strong German delegation, headed by Vice-Chancellor and Minister for Economic Affairs and Energy Sigmar Gabriel, arrived in Tehran to meet with top Iranian officials and hold talks on ways to boost economic ties.

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Experts believe that Iran’s economic growth will rise remarkably after a nuclear deal it struck with world powers on its nuclear program in July takes effect.

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