Iran, Turkey normalize banking ties

Baku, Azerbaijan, Jan. 31 By Farhad Daneshvar – Trend: Banking ties between Tehran and Ankara have been normalized, Ali Reza Bikdeli, Iran’s Ambassador to Turkey wrote on his Facebook page. According to Bikdeli, the normalization of banking ties between Iran and Turkey was announced at a meeting with Erdem Başçı, governor of the Central Bank of the Republic of Turkey (CBRT) on Jan. 30. The ambassador added that the three branches of Iran's Bank Mellat in Istanbul, Izmir and Ankara cities have resumed their activity. Earlier on Jan. 26 Bank Melli Iran also announced that its subsidiary in London been authorized to resume activity following the removal of international sanctions against Iran. Since March 2012, as part of measures taken in a bid to intensify the sanctions on Tehran due to its nuclear program, several restrictions have been imposed against Iran’s banking system, which had a catastrophic impact on Iran’s economy. In a joint statement on Jan. 16, the EU High Representative Federica Mogherini and Iran’s Foreign Minister Mohammad Javad Zarif announced the implementation of the JCPOA, aka nuclear deal, and the removal of economic sanctions on Iran. According to the statement, EU confirmed that legal framework, providing for lifting of its nuclear-related economic and financial sanctions, is effective. Following the implementation statement, SWIFT announced that those banks that are de-listed by the Implementing Regulation will now automatically be able to reconnect to SWIFT. Follow us on Twitter @TRENDNewsAgency