Iran, Algeria ink MoU on banking ties

High-ranking officials from Iran and Algeria’s central banks signed a memorandum of understanding (MoU) as part of efforts to boost banking relations between the two Muslim countries.

Governor of the Central Bank of Iran Valiollah Seif and Bank of Algeria Governor Mohammed Laksaci signed the agreement in a meeting in Tehran.

During the meeting, the two officials agreed that Tehran and Algiers exchange experience in various areas of monetary and regulatory policies as well as the management of monetary reserves.

Other provision of the agreement between Iran and the North African country includes visits by expert delegations from the two countries, joint seminars, establishment of working and training groups, as well as a joint bank.

In a meeting with Algerian President Abdelaziz Bouteflika earlier this month, Iranian Foreign Minister Mohammad Javad Zarif praised cultural, economic and political commonalities between Iran and Algeria.

He expressed hope that a meeting of the two countries’ High Joint Commission would help promote mutual cooperation in the oil and gas industries, banking and tourism.

Bouteflika, for his part, emphasized the need for expansion of ties between Tehran and Algiers in all political and economic fields.