Central Banks of Azerbaijan and Iran will open checking accounts

Almaty. August 9. Silkroadnews – Central Banks of Azerbaijan and Iran plan to open checking accounts, Iran’s Central bank head Waliullah Saif said in his interview with Trend on the sidelines of the bilateral meeting of two countries’ presidents.

He explained, the banks plan to open checking accounts in accordance with the memorandum of understanding signed by the heads of two countries’ central banks the day before.

“The major goal of my visit to Azerbaijan was the meeting with my Azerbaijani colleague Elman Rustamov. We have discussed the expansion of bilateral ties. The economic opportunities of both countries require us to significantly increase trade turnover”, W. Saif said.

He believes, the banking system use provides for the best and safest way to carry out transactions.

“Account opening is supposed to implement the transaction. According to the Memorandum of understanding, the Central banks of Iran and Azerbaijan will encourage commercial banks from both countries to establish relations between them through the opening of correspondent accounts”, said the head of the Iranian Central Bank.

W. Saif also added, the conditions have been created in both countries to establish branches of Iranian and Azerbaijani banks.

“The memorandum of understanding also provides for the integration of card systems, meaning the opportunities will be created for each county’s citizens to use their bank cards in both countries”, he said.

There are 33 banks operating in Azerbaijan and 29 banks operating in Iran.