Iran to set up offshore banks in free zones

Iran's Presidential Advisor Akbar Torkan announced that Iran plans to launch an offshore bank in its free zones to operate with international foreign currencies. “Offshore banks function with international currencies and if this banking system is launched the foreign exchange reserves of Iran can be deposited in these banks …,” Torkan said. “We believe that banking operations should be based on Islamic contracts and we try to practice such rules and contracts free zones,” he added. Meantime, an Iranian economic official said recently that most of the international companies in the European countries have shown willingness to enter the Iranian market after the new round of talks between Tehran and the world powers. “Since the start of (the new round of) nuclear talks between Iran and the Group 5+1 (the US, Russia, China, Britain and France plus Germany) the approaches of the European countries towards Iran has been positive,” Director General of the Office for Commerce of European and American Countries in Iran’s Trade Promotion Organization (TPO) Abdolhamid Assadian said in October. “There are more than 70 Italian companies planning for holding small exhibitions for their products in Iran …,” he added. Assadian underlined that tens of European companies are also interacting with Iran within the framework of chambers of commerce, calling it a positive incident. In relevant remarks in October, Iranian First Vice-President Eshaq Jahangiri said European companies are making increasing demands for cooperation with Iran. “Right now many European companies have contacted Iranian firms and expressed their willingness for the expansion of mutual cooperation,” Jahangiri said. The Iranian first vice-president underlined that Iran should seriously step towards development and industrialization. “Iran is in a situation in the region and on the international arena that obstacles to its development should be removed …,” Jahangiri added.