Accelerating and facilitating the entry of foreign exchange resources by opening foreign bank branches in the country
According to Iran Economist“Alireza Peymanpak” Deputy Minister of Peace and Head of Trade Development Organization yesterday The second Russian bank VTB started working in the country He informed and announced that this is the first Russian bank that has a direct presence in the country, and with the help of this bank, part of the foreign exchange earnings will be transferred from the trust network to the banking network and the transparency of trade will be effective.
The infrastructure of the presence of the Russian bank in the country started last year in order to facilitate commercial and banking relations between the two countries. Mohammadreza Farzin, the head of the Central Bank, met with Igor Levitin, the assistant of the President of the Russian Federation, Vladimir Putin, at the Central Bank in December of last year.
In this meeting, Farzin announced the Central Bank’s readiness to develop bilateral monetary and banking relations with Russia and other friendly and neighboring countries. In this meeting, the two sides emphasized on strengthening and developing economic, commercial and especially monetary and banking relations and cooperation between the Russian Federation and the Islamic Republic of Iran.
Economic expert “Fazel Muridi” in an interview with Iran is an economist Regarding the establishment of the VTB office in Iran, he said: Before the 80s and the Central Bank sanctions, the export and sale of oil had a certain routine, and when the oil revenues had increased, they were transferred to the specific accounts of Iran’s national oil companies abroad. It has been deposited from the country that was approved by the central bank.
He continued: “We used to spend the currencies obtained from the sale of oil in European and American countries, which were deposited into certain accounts, for the import of goods and services, but with the tightening of sanctions in the late 80s, the process changed.”
This economic expert said: After the start of the sanctions, all the ways of receiving foreign exchange resources that were clear before were gradually closed, and we actually turned to using other methods to deal with the sanctions and bypass them.
He stated: Although the methods of circumventing the embargo solved the country’s currency problem and returned money to the country, it also caused damage.
Meridi said: The government’s action to open bank branches by neighboring countries facilitates the path of receiving money and helps us to distance ourselves from the intermediaries and different layers that have been created, and foreign exchange resources return to the country at a lower cost and in a short period of time.
This economic expert stated that the previous ways of receiving export currencies had many damages and added: We are now reducing costs and damages with new and innovative methods such as opening banks.
He clarified: Opening the branches of banks in neighboring countries helps to accelerate and facilitate oil and non-oil exports, and when we facilitate the supply side and currency enters the country more easily, stability will prevail in the currency market.