Tehran, Muscat ink banking MoU

TEHRAN, Mar. 13 (MNA) – A cooperation agreement has been signed between central banks of Iran and Oman aiming to boost banking cooperation between the two sides. A joint session between central banks of Iran and Oman as well as a number of commercial banks of the two countries was convened in Tehran where Governor of Central Bank of Iran (CBI) Valiollah Seif voiced satisfaction towards presence of Hamood bin Sangour bin Hashim Al Zadjali, Executive President of the Central Bank of Oman, as well as Sayyid Badr Hamad Al-Busaidi, Secretaries General of the Omani Ministry of Foreign Affairs adding “proper grounds now exist for dialogue between banks of the two sides, an issue which can lead to future cooperation.” He noted pointed to the age-old history of political ties between the two sides though economic relations have remained undeveloped and require careful planning before they reach satisfactory levels. He deemed banking ties as a prerequisite to economic and trade transactions expressing hope that the session could pave the path for expansion of banking relations and consequently for trade activities. CBI governor suggested that similar sessions be held regularly every six months in a bid to probe into barriers to reinvigoration of relations. Hamood bin Sangour, for his part, appreciated Valiollah Seif and deemed the meeting between Iranian and Omani bankers as a unique opportunity for baking transactions and development of cooperation; “banking ties need to reach expected levels since diplomatic relations are already appropriate.” He went on to stress that singing of a Memoranda of Understanding (MoU) could improve conditions and capacities of bankers and private sectors could be exploited to this end. The official pointed to Oman’s eagerness to open banking branches in Iran adding “Melli and Saderat banks of Iran have been active in Oman since past and we expect Omani banks to launch activities in Iran.” Also at the meeting, Omani Deputy FM Sayyid Badr Hamad Al-Busaidi voiced optimism towards future of banking relations between the two sides maintaining that proper banking ties could guarantee continuation of trade and economic cooperation. He said his ministry was committed to launching banking and commercial relations with Iran as no effort will be spared to remove obstacles to bilateral collaborations. Iranian Deputy Foreign Minister Morteza Sarmadi was another high-ranking official at the joint meeting who recalled an earlier meeting with the Omani side nine months ago saying “it was agreed during that session cooperation between Iran and Oman grow to satisfactory levels by complete removal of all obstacles.” Sarmadi said trade and economic relations would never improve in the absence of banking relations and highlighted the role of central banks in expanding banking collaborations.