Iranian banks open €480mn credit via IECB

News ID: 3580048 -
TEHRAN, Mar. 14 (MNA) – Iranian banks have opened more than 480 million euros of credit through Iran-Europe Commercial Bank (IECB).

An amount of 108 million euros of the total €480 million belongs to Bank of Industry and Mine while the rest are owned by other banks in the country including Mellat and Tejarat banks.

The Central Bank of Iran (CBI) has announced that the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is up and running and there exist no barriers to opening LCs via SWIFT.

Registered in Hamburg, Germany, the Iran-Europe Commercial Bank (IECB) owns 40 years of experience playing an active role in Iran’s international financial transactions.

Upon removal of international sanctions against Iran by the European Union (EU) and Central Bank of Germany (Deutsche Bundesbank), IECB officially welcomed international banking relations with Iran as it engaged in brokerage and financial transactions with Iran through SWIFT following the implementation of the Joint Comprehensive Plan of Action (JCPOA).

 

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