WANA (May 28) – Iran’s Central Bank is exploring the possibility of establishing a joint bank and expanding financial cooperation with Oman, which could pave the way for direct monetary exchanges.

 

Iran’s Central Bank Governor Mohammad Reza Farzin, during his visit to Oman, stated that trade between Iran and Oman is closely tied to financial cooperation. He stressed the need to review commercial mechanisms to support monetary and banking collaboration.

 

Farzin acknowledged existing challenges for Iranian traders and the Central Bank in Oman, noting ongoing efforts to resolve them. One such issue was the shipping line, for which promising agreements have been reached. A new shipping route from Chabahar Port to Oman has been launched, aiming to facilitate trade and reduce transport costs.

 

He added that both sides have reached a preliminary agreement to allocate a dedicated port area for Iranian commercial activities.

 

Addressing another major obstacle, Farzin said the issue of guarantees for Iranian traders in Oman is under discussion, with plans for a joint meeting between Iranian and Omani businesspeople to find practical solutions.

 

Farzin emphasized that joint banking efforts and financial collaboration could lead to easier settlements and direct monetary exchanges, adding that fruitful negotiations have taken place in this regard.

 

He also proposed introducing a tourism card system, similar to Iran’s experience with other countries, to facilitate money transfers for Omani visitors in Iran and vice versa.

 

Farzin concluded that both sides reviewed all financial matters and agreed on the need to simplify settlement and transfer operations. He attributed the positive outcome of these talks to the Iranian president’s visit to Oman and his discussions with the Sultan, which he said will support efforts to enhance financial and banking ties.

The sign of the Central Bank of the Islamic Republic of Iran is seen in Tehran, Iran January 25, 2023. Majid Asgaripour/WANA (West Asia News Agency)

The sign of the Central Bank of the Islamic Republic of Iran is seen in Tehran, Iran, January 25, 2023. Majid Asgaripour/WANA (West Asia News Agency)