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Iran, Iraq ink banking MoU

Iran and Iraq inked a memorandum of understanding (MoU) in banking sector in Baghdad on March 23.

The MoU was inked in a meeting attended by visiting Governor of the Central Bank of Iran (CBI) Valiollah Seif and his Iraqi counterpart Ali Al Alagh in Baghdad, IRNA reported.

During the visit, the two sides discussed ways for fostering banking cooperation.

Seif and Al-Alagh also agreed for establishing ‘Iran-Iraq Joint Banking Committee’ aimed at monitoring the proper implementation of the mutual banking agreement.

Two weeks ago, Seif said Iran expects economic growth of more than 5 percent in 2016, after lifting of international sanctions over its nuclear program.

The major oil producer’s economy is still struggling and growth is close to zero but many investors are betting that restoring Iran’s links with the world and attracting foreign capital and technology will trigger a long-term economic boom.

In January, world powers led by the United States and the European Union lifted sanctions on the country.

The subsequent leap in Tehran’s stock market in late January and early February gave a hint of the country’s investment potential.

Source: Trend News Agency, 23 March 2016


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