At a meeting with State Secretary at the Federal Ministry for Economic Affairs and Energy of Germany Matthias Machnig, the Governor of Central Banks of Iran (CBI) Valiollah Seif pointed to the historical relations between Iran and Germany as well as the conducted talks between the two countries’ banking officials commenting that “no big obstacles exist in the path of reinvigorating ties and banking relations will reach desirable conditions as a result of the positive attitude held by the two sides.”
German Matthias Machnig also voiced the willingness of his country and the European Union (EU) to revitalize comprehensive political and economic ties with Iran stating “following Iran’s nuclear deal, we hope that existing problems are eliminated in a step-by-step fashion since the German economy is waiting for fruitful outcomes for the resumption of commercial cooperation with Iran.”
Machnig emphasized the key role of banks in development of economic cooperation underlining that “in the absence of financing on the part of banks, collaboration ideas will remain at a theoretical level while basic banking relations are prerequisite to expansion of ties.”
Later, Iran’s CBI governor welcomed the move towards operational development of trade relations between Iran and Germany; “with removing ambiguities in economic and banking areas, proper conditions will be provided for accurate assessment of the potential investment risks; we also need to develop a full understanding of Germans’ concerns in order to strengthen relationships through interaction.”
Touching upon the compatibility of Iranian banking system with international standards, Seif stressed “Iranian banks have complied with Wing 2 and 3 standards as well as principles of Corporate Governance.”
It was decided at the meeting that Iranian and German banks hold a meeting in March before the Joint Economic Commission in April in order to take necessary measures with regard to ambiguities and standards of Iranian banks.
It was also agreed that the first draft of an agreement will be prepared and signed on the issue of Hermes cover and debt settlement prior to the meeting of economy ministers of the two countries.
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