The deal was reached on the sidelines of President Rouhani’s visit to Baku and it aims to expand trade and economic ties between the two countries.
Governors of Iranian and Azerbaijani central banks, while confirming and stressing the need to take advantage of the two sides’ national switch systems, agreed to tie up their POS systems for welfare of traders and tourists.
Accordingly, the first technical meeting for taking preliminary steps will be held in two weeks between relevant departments of the two central banks.
Also under the terms of the deal, it was agreed that the parties form a joint banking committee in addition to opening a ‘special account’ in each central bank to the name of the other party in order to facilitate settlement of banking transactions.
On the basis of the sealed Memorandum of Understanding (MoU), central banks of both states will undertake necessary studies to issue a license for establishing branches of Iranian and Azeri banks in opposite territories.
They also agreed to provide each other with technical and training services in order to coordinate banking activities with the world’s latest methods and standards.
The MoU was signed during a meeting in Baku between Governor of Central Bank of Iran (CBI) Valiollah Seif and his Azerbaijani counterpart Elman Rustamov.