Capital of Iran-Venezuela Bi-National Bank to increase: official

TEHRAN, Jun. 01 (MNA) – The capital of Iran-Venezuela Bi-National Bank will increase by $66.7 million.

Saeed Mostashar an official at Monetary and Banking Research Center made the remarks on Mon. and said, “the bank started as a joint venture between two state-owned banks, Banco Industrial de Venezuela and Export Development Bank of Iran with a starting capital of $200 million offered equally by both parties.”

Since the joint bank of Iran and Venezuela has been licensed by the Central Bank of Iran [CBI] in rials and foreign exchange fields, the bank has been active in various areas including offering loan and facilities, rials- and foreign exchange-based commitments, currency transfer, remittances, etc., he said, adding, “the bank has experienced a considerable growth since its establishment.”

For the first time in 2019, Iran-Venezuela Bi-National Bank was selected as one of the operating banks in order to grant facilities of export’s working capital out of financial resources of the National Development Fund of Iran [NDFI], so that export companies can use these facilities.

Development of the bank’s business on a digital platform is one of the main policies and priorities facing Iran-Venezuela Bi-National Bank, Mostashar stressed.

MA/4938976

News Code 159313

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