TODAY.AZ / Business

Azerbaijan, Iran eye developed banking cooperation

11 January 2017 [13:52] - TODAY.AZ

By Azernews

By Nigar Abbasova

Azerbaijan and Iran, the two strategic partners intend to strengthen cooperation in the banking sphere. The sides started studying opportunities for integration of the two countries’ bank card systems, Trend reported.

The integration of the systems means that both countries’ citizens will be able to use their bank cards in the two countries’ territories .The issue is currently being studied by a special expert commission.

The heads of central banks of Iran and Azerbaijan, Valiollah Seif and Elman Rustamov, earlier signed a memorandum of understanding (MOU) envisaging the integration of the two countries’ card systems.

The issue has become more relevant due to increasing flow of Iranian tourists to Azerbaijan – their number increased by one third in 2016. Given the simplification of visa regime for Iranian citizens, even greater traffic of Iranian tourists is expected to be observed in 2017.

Starting from January 10, 2017, Iranian nationals can electronically register their visas for entering Azerbaijan in three days.

Iran's Minister of Communications and Information Technology Mahmoud Vaezi earlier told Trend that the two countries consider a plan to establish a joint bank. Besides, the two neighbors also discuss opening of branches of the two countries’ banks in Baku and Tehran.

The trade turnover between Azerbaijan and Iran amounted to $175 million in January-November 2016, with some $130.13 million accounting for import from Iran.


Print version

Views: 1364

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: